16th May 2008
Acting on behalf of McLeish, Culverwell have acquired 1 Lochrin Square, Edinburgh from joint developer Scotmid/Gladedale Capital (acting on behalf of the landlord, Credit Suisse). McLeish have agreed a new 15 year full repairing and insuring lease subject to 5 yearly upward only rent reviews at an initial rent of £90,000 per annum.
The premises extend to the following net internal areas:
Ground Floor 3,833 sq ft 356.32 sq m
Basement 2,153 sq ft 200.09 sq m
McLeish are an up-market, New York style licensed Deli that incorporates both Coffee Republic and Thorntons concessions.
McLeish recently opened their first Edinburgh store at 59 South Bridge which is trading successfully and have active requirements for more stores across Scotland.
McLeish's Managing Director, Stanley Morrice, commented, "We are delighted with our latest acquisition at Lochrin Square which is situated in the heart of Edinburgh's business district".
For further information please contact:
James Godfrey/Callum Mortimer
Direct Dial: 0131 243 9614
Email: james@culverwell.co.uk or callum@culverwell.co.uk
Source: http://www.culverwell.co.uk/index.shtml?news
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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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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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