New Zealand-based Cooks Coffee Company plans to place its Triple Two coffee franchise business in the UK into an insolvency process.
For this, the company intends to appoint administrators for its franchise business, which includes Triple Two Holdings and its subsidiaries.
In a statement, Cooks Coffee Company said: “Triple Two was growing rapidly before the Covid-19 pandemic and had shown continuing momentum in FY22.
“However, in recent times, this momentum has not been able to be maintained and the business has been adversely impacted by the current market environment. Currently, there are 11 operating Triple Two franchised stores.”
Cooks Coffee is likely to appoint administrators shortly and will make further announcements in due course.
However, Cooks added that the insolvency process will not affect Esquire’s Coffee, another coffee chain which the company owns, as it is performing as per the management’s expectations.
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Last month, Cooks Coffee announced the opening of the Esquires store in Egham, Surrey.
The new venue is the company’s 54th location in the UK. It is said to be strategically located and facilitates hassle-free accessibility for all its patrons, with a cosy seating arrangement.
At that time, the company announced that it had set a target to open seven to eight more locations in the coming two quarters.
In a statement, the company said: “Our consistent growth is steered by a robust regional developer partnership model, leveraging local wisdom to pinpoint the best spots, a strategy pivotal to our sustained achievement.”