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Coffee Republic goes into administration

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first_imgUK coffee chain Coffee Republic (UK) Limited has gone into administration alongside Coffee Republic Franchising and Goodbean Ltd, following the suspension of its shares yesterday.Richard Hill and David Crawshaw of KPMG Restructuring have been appointed joint administrators of the coffee bar and deli chains.The company’s shares were then temporarily suspended on Monday 6 July, after the board of Coffee Republic requested their suspension pending clarification of the financial position of certain subsidiaries, including Coffee Republic (UK). The holding company, Coffee Republic plc, is not in administration.“Coffee Republic has a strong brand and I expect considerable interest in the profitable parts of the business. We will be doing whatever we can to find a buyer for the residual business as a going concern as quickly as possible, so interested parties will have to be prepared to move fast,” commented Hill.Coffee Republic was founded in 1995 and currently employs 153 staff. It operates a total of 187 coffee bars in the UK and 10 international locations, including Ireland, Turkey and Romania. Twenty of these outlets are owned by Coffee Republic (UK) and 70 are franchised through Coffee Republic Franchising. A further 97 concessions operate within cinemas, retail outlets and hotels throughout the UK.The administrators are currently assessing the outlets on a case-by-case basis, and are expecting inevitable job losses through the closure of loss-making stores.Coffee Republic plc has seen year-on-year growth and signed its first franchising agreement in 2005. It also made a number of acquisitions, including the Goodbean chain.last_img read more

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Eight in 10 Americans are in debt: study

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first_imgIt may be a dirty word in some quarters, but debt is a fact of life for more and more Americans. And that may not be a bad thing.That is the conclusion of a new report by the Pew Charitable Trusts, which examined debt through the generations. It found that 8 in 10 Americans are in debt in some fashion, most often because of a mortgage. And that debt is not limited to young people starting out life: increasingly, people are carrying debt into retirement.For many Americans, their debt is a burden, but others view it as a necessity. Some 69 percent of the survey respondents indicated that while nonmortgage debt was a necessity for them, they preferred not to have it—but 68 percent said loans and credit cards had enabled them to make purchases or investments that expanded their opportunities. And in fact, Pew found that higher-income people with more assets tended to have more debt, but even so, they had healthier balance sheets than low-income, low-debt respondents.“Americans have a love-hate relationship with debt. They know they need debt, but they don’t actually want it,” said Diana Elliott, research manager for financial security and mobility at Pew. continue reading » 16SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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