10 March 2008
The market in minutes - Berkshire
Article dated: 01 Feb 2008
By Aditi Shah
Fashion retailer Next will open a flagship store at Criterion Capital’s Queensmere Observatory shopping centre in Slough next week.
Next will join Primark, Debenhams, Marks & Spencer, Empire, Virgin Active, H&M, New Look, Footlocker and TK Maxx on Curzon Mall in the centre.
Selling womenswear and childrenswear at ground-floor level, and menswear and homeware at the lower-ground level, Next is relocating from its 3,500 sq ft High Street store.
Criterion Capital has just let unit 25 to Gloria Jeans and has units under offer to Coffee Republic and Nando’s. Cushman & Wakefield is the letting agent.
Criterion Capital expects to submit a planning application early this year to expand Queensmere Observatory opposite the Tesco Extra in Slough, from 595,000 sq ft to 650,000 sq ft and build 500 flats.
A planning application for a new 20,000 sq ft store at the west end of the Queensmere Centre was heard by Slough Planning Committee this month.
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“Coming together is a beginning, staying together is progress, and working together is success” - Henry Ford. An apt dedication to the Coffee Republic rebel shareholders.
This blog is independently written and not affiliated with Coffee Republic Plc in any way
“Coming together is a beginning, staying together is progress, and working together is success” - Henry Ford. An apt dedication to the Coffee Republic rebel shareholders.
*Last blog update*
28th January 2009
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March
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- New CR Deli set to open in West Kensington, London
- New CR Deli open in Liverpool?
- New CR Deli open in Bayswater/Queensway
- CR and McLeish to take a bite out of England
- FIve more CR Delis set for Ireland in next 12 months
- Coffee Republic Master Franchise advert for India
- CR and McLeish Bros to open in Edinburgh's financi...
- CR's UK & Ireland coverage via CineWorld
- New Openings Galore!
- CR Deli open on The Strand, London
- CR to open in Perth, Scotland
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Financial Results - 2007
International operating stores
- Bulgaria
- Ireland
- Malta
- Romania
- Saudi Arabia
- Turkey
- United Arab Emirates
International Master Franchises signed
- Bahrain
- Bulgaria
- Ireland
- Jordan
- Kuwait
- Malta
- Oman
- Romania
- Saudi Arabia
- Turkey
- United Arab Emirates
Rumours - International Master Franchises
- Czech Republic
- China
- India
Coffee Republic reborn
Coffee Republic was formed in 1995 by Bobby and Sahar Hashemi, a brother and sister who wanted to bring quality coffee from New York to Britain. They saw the opportunity for exporting the coffee bar concept to Britain. Over the past twelve years the company has been through several phases, but is now taking a radically new direction, and embarking on what may be its most exciting phase to date.
Bobby Hashemi’s instinct had been correct, and in the eight years after establishing the first ever Coffee Republic on South Molton Street in London, the company grew rapidly, growing to more than a hundred outlets and achieved a stockmarket listing. However, the company never made a profit. In the financial year ending March 2006, from a turnover of almost £15 million, the company made a loss of more than £1.4 million.
The need for change
While investors were prepared to forgive a company that was growing rapidly, their patience began to wear thin once the company started to contract as it did from 2003. The catalyst for change came from Steven Bartlett, an established retail entrepreneur. He believed that Coffee Republic could succeed in Plymouth, where he was living, and so he applied for a franchise.
He was surprised to be turned down, and so he applied again. Having been rebuffed a second time, he was much less surprised to discover an online chatroom full of highly disgruntled Coffee Republic shareholders. He became convinced that the company was not being run as well as it could and he resolved to do something about it.
Together with Peter Breach, Bartlett began to acquire shares in the company, and by September 2006, the pair owned 26 per cent of the company. Through the online chatroom they had gathered the support of a further 26 per cent of the shareholding, and so requisitioned an Extraordinary General Meeting to remove the company’s senior management.
The response from the Board was to ask Breach and Bartlett to withdraw the requisition in return for being installed as chairman and chief executive respectively. They agreed and took up their new positions at the end of October 2006.
Bobby Hashemi’s instinct had been correct, and in the eight years after establishing the first ever Coffee Republic on South Molton Street in London, the company grew rapidly, growing to more than a hundred outlets and achieved a stockmarket listing. However, the company never made a profit. In the financial year ending March 2006, from a turnover of almost £15 million, the company made a loss of more than £1.4 million.
The need for change
While investors were prepared to forgive a company that was growing rapidly, their patience began to wear thin once the company started to contract as it did from 2003. The catalyst for change came from Steven Bartlett, an established retail entrepreneur. He believed that Coffee Republic could succeed in Plymouth, where he was living, and so he applied for a franchise.
He was surprised to be turned down, and so he applied again. Having been rebuffed a second time, he was much less surprised to discover an online chatroom full of highly disgruntled Coffee Republic shareholders. He became convinced that the company was not being run as well as it could and he resolved to do something about it.
Together with Peter Breach, Bartlett began to acquire shares in the company, and by September 2006, the pair owned 26 per cent of the company. Through the online chatroom they had gathered the support of a further 26 per cent of the shareholding, and so requisitioned an Extraordinary General Meeting to remove the company’s senior management.
The response from the Board was to ask Breach and Bartlett to withdraw the requisition in return for being installed as chairman and chief executive respectively. They agreed and took up their new positions at the end of October 2006.
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