Coffee Republic's Bartlett to step down
Coffee Republic said chief executive Steven Bartlett is to step down at the coffee bar operator's forthcoming annual general meeting.
His role will be assumed by Peter Breach, the current executive chairman, while the group will begin its search for a new chief executive.
Steven Bartlett will remain on the board in a non-executive capacity and is expected to be appointed vice-chairman at that meeting. Bartlett will also continue to hold his substantial shareholding.
Coffee Republic added that like-for-like network sales for the first three months of the current financial year have increased by 2.5%, driven by strong growth by franchises.
Total franchise network sales have grown by over 70% compared to the beginning of the last financial year.
The group also said that it is considering the carrying value of previously capitalised assets in relation to those company-owned stores that have performed poorly.
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