The UK’s largest franchised Costa Coffee store operator has offloaded 14 of its 60 stores to AM Coffee Holdings in a “multimillion pound” transaction.
Goldex Investments, which owned the stores through its subsidiary Goldex (Surrey), said all the branches were in shopping centres and high streets in the Surrey area.
Goldex, which also operates the Kaspas desserts brand, is owned by Diljit and Satnam Brar, who were early adopters of the Costa brand, starting around 12 years ago.
The first of the Surrey stores was opened in March 2006 on Orpington High Street and has grown year-on-year since. Today the business employs 120 staff who will remain with the company.
AM Coffee Holdings Ltd is owned by Ajaz Mirza and Ahsan Munir, who until recently were best known for operating Domino’s franchises in the London area.
Business advisory firm, Smith Cooper Corporate Finance, assisted the transaction, led by John Farnsworth and David Crump, who have specialist experience in the franchise and food and beverage sectors.
Roger Welsh, head of partnerships at Costa, said: “We are delighted to see this recent transaction completed for all parties, and welcome Ahsan and Ajaz to the Costa Partnerships team. Costa has worked with Smith Cooper over the past few years on several Partner sale transactions.”
Costa is currently in the process of being sold by owner Whitbread to Coca-Cola in a deal worth £3.9 billion.