Coffee Republic plans to test its own branded self-service machines in pubs and convenience stores.
It will update shareholders at its annual meeting next week following the ousting of Bobby Hashemi as chairman and the installation of Steven Bartlett and Peter Breach as chief executive and chairman respectively.
Bartlett became involved in the shareholder revolt organised in internet chat rooms when he was refused a franchise for the South West.
He said that his pubs and property group, Plymouth Land, would now get its franchise after all.
City Diary, in The Times, compares and contrasts the fortunes of Coffee Republic, whose shares have plummeted, with Caffe Nero, which has seen its stock soar in recent years.
Yet both firms appear equally disgruntled – in Caffe Nero’s case, founder Gerry Ford is seeking to take it private, frustrated at a slight pause in the exponential rise of its share price.
Coffee Republic’s Hashemi, however, can now take the holiday that he never previously had time for. “I’m packing my bags as we speak,” he tells City Diary.
Financial Times 21/10/06 page 18
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