Restaurant Brands New Zealand Limited has left its Starbucks coffee business after it sold the fixed assets and stock to Tahua Capital for around $4.4m.

Restaurant Brands announced that it will not renew its licence agreement with Starbucks Coffee International (SCI) in New Zealand, which expires this October.

The company has taken this decision to focus on its core quick service restaurant brands in the country.

According to the company, Tahua was established for the purpose of acquiring the assets of Starbucks New Zealand.

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“We are very positive about a bright future for Starbucks Coffee in New Zealand.”

Tahua Capital CEO Charles Belcher said: “Both Tahua and Starbucks share similar values about high-quality coffee, engaged partners (employees) and a passion to create positive change in the communities they serve. We are very positive about a bright future for Starbucks Coffee in New Zealand.”

Following the completion of the transaction, the new owners will sign a licence agreement with SCI and start a substantial store refurbishment and store opening programme.

Tahua plans to secure assignment of the leases for 22 existing locations, as well as continue all 300 existing employees working in these locations on the same terms and conditions.

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The transaction is currently subject to certain conditions and is expected to close in late October 2018.

Restaurant Brands has also agreed to offer interim support to Tahua Capital with stock management and information technology services for a 12-month period.