CFE Coffee Republic

    RNS Number : 6656Y
  Coffee Republic PLC
  09 July 2008
   



    Coffee Republic Plc


    Directorate Change


    Coffee Republic Plc ("Coffee Republic" or "the Company"), the independent coffee bar operator, announces that Steven Bartlett CEO, who
joined the Company to lead a recovery of the business is now standing down at the forthcoming Annual General Meeting and his role as CEO
will be assumed by Peter Breach, the current Executive Chairman. In the meantime the company 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.
These changes mean Coffee Republic will continue to benefit from his expertise and his enthusiasm for the brand, whilst allowing him to
dedicate more of his time to his businesses and family in Plymouth. Mr Bartlett will continue to hold his substantial shareholding. 

    The Board wishes to recognise the work that Mr Bartlett has done, particularly in rebuilding the brand, increasing the number of outlets
and establishing the brand internationally.

    Mr Bartlett has accomplished a notable turnaround and has established Coffee Republic as a major coffeehouse brand in the UK whilst also
establishing the foundation for a strong international brand.

    It is anticipated that the financial results for the year to 31 March will be announced in late August. The Board is considering the
carrying value of previously capitalised assets in relation to those Company owned stores which have performed poorly.

    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 and the company
continues its strategy of growth.

    The Board are preparing for a General Meeting to consider an incentive scheme or schemes for staff to replace the recently expired
mandate and to consider the maintenance of capital of the Company as required by the Companies Act, Section 142.


    For further information:

    Coffee Republic:
    Peter Breach, Executive Chairman                      020 7033 0600

    James Muirhead, Finance Director                      020 7033 0639

    Landsbanki Securities (UK) Limited                    020 7426 9000 
    Nominated Adviser & Broker 
    Jeff Keating
    Simon Brown 
                                                                            


                                                                            



This information is provided by RNS
The company news service from the London Stock Exchange
 
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