Starbucks has asked its adviser Houlihan Lokey to assess interest for its British isles operations, the Occasions reported Saturday.
The coffee chain continues to “evaluate strategic options” for its firm-owned international operations, the newspaper documented, without specifying how it acquired the data.
A Starbucks spokesperson explained to Bloomberg it “is not in a formal sale process for the company’s British isles enterprise.”
The Uk is Starbucks’ biggest current market in Europe, the Center East and Africa. As of previous yr, it experienced 1 000 outlets in Britain, with 297 business-owned and 703 run by licensees, the company mentioned in a monetary report for the fiscal calendar year ending in October 2021.
Overall profits was £328 million (R3.7 billion) for the fiscal yr, and Starbucks British isles Espresso had repaid in full a £25 million bank loan from its mum or dad business to offset losses from diminished income all through the first months of the coronavirus pandemic, it mentioned.
Whilst the espresso chain seasoned a rebound in profits following Covid-19 lockdowns eased in the United kingdom, it said the money performance of corporation-owned retailers had not recovered to pre-pandemic concentrations. Place of work, journey and inner-metropolis suppliers experienced lagged other places. Starbucks opened 14 new business merchants through fiscal 12 months 2021 and closed 5, it explained.
Earlier this yr, current market researcher Allegra Team reported espresso chains in the UK will acquire four several years to recover from the Covid slump.
– With aid from Victoria Cavaliere.