Coffee Republic has been rescued from administration and 62 jobs have been saved after a deal was agreed with Arab Investments to purchase the UK coffee chain.
Administrator KPMG announced that the acquisition was completed today by the London-based property investment firm.
Holding company Coffee Republic plc, had followed its three subsidiaries â€“ Coffee Republic (UK) Ltd, Coffee Republic Franchising and Goodbean Ltd â€“ into administration earlier this month, and the administrators were forced to close 10 under-performing company-owned stores.
The firm has said it intended to commit â€œsubstantial capitalâ€ into developing the brand and will be â€œembarking on further expansion of the branch networkâ€. The chain currently has 80 outlets, 60 of which are located in the UK.