21
Jul
09

Update on administration of Coffee Republic

Update on Administration

Further to the announcement of 13 July, the administrators of Coffee Republic and its subsidiaries have granted a period of exclusivity to the preferred purchaser of all or parts of the business. The terms of the exclusivity agreement and the identity of the potential purchaser are confidential.

Commenting on this development, Joint Administrator Richard Hill of KPMG LLP said: “As expected, the huge volume of enquiries from interested parties produced a very healthy level of offers. We have spent the last few days clarifying the terms of the most attractive offers and we have now identified our preferred purchaser. We have agreed a period of exclusivity to allow that party to carry out some limited due diligence which should enable us to agree the terms of the sale of the residual business as a going concern during the course of next week.”

All parties who submitted offers are being informed of the situation but no further information will be released until after the expiry of the exclusivity period.

A further update will be made in due course.

Advertisements

0 Responses to “Update on administration of Coffee Republic”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: