Amsric Limited, the largest Starbucks franchisee in the south west of England, has been sold to fellow operator Cobra Coffee Limited, a subsidiary of the Southern Co-op.
Amsric has been a Starbucks operator since 2014, initially acquiring sites from the franchisor and subsequently opening additional stores to reach the current tally of 12 locations, plus two in development.
The company is the most significant Starbucks franchisee in the south west, operating in locations such as Exeter, Plymouth, Portsmouth, and Southampton.
It employs around 140 staff and achieves sales approaching £10m per annum.
Cobra has been a Starbucks franchisee since 2013 and was itself acquired by the Southern Co-op in 2018.
Cobra now operates 47 stores as a result of the deal, and will employ approaching 500 in the enlarged business.
Ragin Patel, director of Amsric Holdings, said: “We leave the Starbucks community with some sadness but are pleased to have found a great partner in Cobra – which we are confident will take the business forward and that, with the Co-op’s strong people-centric, ethical and community values, our dedicated and committed Amsric team will also benefit”.
Gwyn Kennett, head of operations at Cobra, said: “This acquisition will enable us to bring the great Starbucks experience to even more customers and we are excited at the opportunity to build out in the south west.”
Amsric used PKF Smith Cooper’s corporate finance team to manage the sales process.