UK-based franchise store operator Goldex Investments has completed the sale of 14 out of 60 Costa Coffee stores to AM Coffee Holdings for an undisclosed sum.

All affected stores are in shopping centres and high streets in Surrey, and operated by the company subsidiary Goldex (Surrey).

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AM Coffee Holdings is owned by Ajaz Mirza and Ahsan Munir, who currently operate Domino’s franchises in London.

Owned by Diljit and Satnam Brar, Goldex Investments currently operates Kaspas desserts brand along with Costa Coffee.

Goldex Investments corporate finance head John Farnsworth said: “David and I are delighted to have had the opportunity to secure the sale of this Surrey business on behalf of Diljit and Satnam, whom we have known and held in high regard for many years.

“Ajaz and Ahsan are highly experienced buyers and intend to develop the Costa brand.”

“The transaction reflects the quality of the business which they built up, and at an exemplary pace. Ajaz and Ahsan are highly experienced buyers and intend to develop the Costa brand; we wish them every success with that.”

Accountancy and business advisory firm Smith Cooper Corporate Finance acted as lead deal advisers to assist Goldex with the sale.

Around 12 years ago, Goldex opened the first of Costa stores in the Surrey area in March 2006 on the Orpington High Street.

The Surrey business employs around 120 staff, who will remain with the business following the transaction.

Costa partnerships head Roger Welsh said: “We are delighted to see this recent transaction completed for all parties, and welcome Ahsan and Ajaz to the Costa Partnerships team.

“Costa has worked with Smith Cooper over the past few years on several Partner sale transactions. John and David are professional, always keeping all the parties involved informed and up to date with progress in a timely fashion.”