RNS Number : 6656Y
Coffee Republic PLC
09 July 2008
Coffee Republic Plc
Directorate Change
Coffee Republic Plc ('Coffee Republic' or 'the Company'), the independent coffee bar operator, announces that Steven Bartlett CEO, who joined the Company to lead a recovery of the business is now standing down at the forthcoming Annual General Meeting and his role as CEO will be assumed by Peter Breach, the current Executive Chairman. In the meantime the company will begin its search for a new Chief Executive.
Steven Bartlett will remain on the board in a non-executive capacity and is expected to be appointed Vice-Chairman at that meeting. These changes mean Coffee Republic will continue to benefit from his expertise and his enthusiasm for the brand, whilst allowing him to dedicate more of his time to his businesses and family in Plymouth. Mr Bartlett will continue to hold his substantial shareholding.
The Board wishes to recognise the work that Mr Bartlett has done, particularly in rebuilding the brand, increasing the number of outlets and establishing the brand internationally.
Mr Bartlett has accomplished a notable turnaround and has established Coffee Republic as a major coffeehouse brand in the UK whilst also establishing the foundation for a strong international brand.
It is anticipated that the financial results for the year to 31 March will be announced in late August. The Board is considering the carrying value of previously capitalised assets in relation to those Company owned stores which have performed poorly.
Like-for-like network sales for the first three months of the current financial year have increased by 2.5% driven by strong growth by franchises. Total franchise network sales have grown by over 70% compared to the beginning of the last financial year and the company continues its strategy of growth.
The Board are preparing for a General Meeting to consider an incentive scheme or schemes for staff to replace the recently expired mandate and to consider the maintenance of capital of the Company as required by the Companies Act, Section 142.
