Coffee Republic is placed into administration
Published: 7 July 2009 By MoneyhighStreet Staff Leave a Comment
Further to our report yesterday that Coffee Republic shares had been suspended, it’s now been confirmed that this UK coffee chain has been placed in administration.
The three subsidiaries Coffee Republic (UK), Coffee Republic Franchising Ltd and Goldbean Ltd have all been placed in administration.
The holding company, Coffee Republic plc is not in administration.
KPMG have been appointed as administrators.
Richard Hill at KPMG, commented ‘The recession is hitting discretionary spending on the high street and some of the less profitable bars with expensive leases have suffered.’
KPMG added ‘The administrators are assessing the viability of individual outlets and expect to close the loss-making outlets with inevitable job losses.’
Coffee Republic shares were suspended and closed at 22p last Friday.