Arab Investments Ltd has completed the acquisition of Coffee Republic with administrators KPMG.
Arab Investments intends to commit substantial capital into developing the Coffee Republic brand and will be embarking on further expansion of the branch network which currently includes 80 outlets, of which 20 are outside the UK, including Bulgaria and Saudi Arabia.
Khalid Affara of Arab Investments, said: “We are delighted to have completed the acquisition of Coffee Republic today and we intend to start growing the business with immediate effect. Coffee Republic has a very strong brand name and we are bringing additional investment into the company to expand the number of retail outlets in the UK and elsewhere.”
Richard Hill, joint administrator and KPMG partner, said: “I’m delighted that we have agreed the sale of Coffee Republic, rescuing a substantial part of the business and protecting 62 jobs. While coffee shops face tough competition on the High Street in these challenging economic times, the amount of interest we received in Coffee Republic is testament to the strength of the brand. I would like to thank the company’s employees and suppliers who have supported the business over the past three weeks, and helped us to achieve this successful outcome.”