Coffee bar chain Coffee Republic has gone back to the stock market in the hope of raising a further Ã‚Â£707,000 to fund the expansion of its brand with the recruitment of a network of franchisees.
The open offer of 28,278,265 ordinary shares at 2.5p per share comes on top of its announcement last month of a placing of 37,400,000 shares at 0.1p each with the newly installed management team, raising Ã‚Â£935,000.
The two sums will go towards the same things, namely expanding the brand at home and overseas largely through franchising, buying new sites, reducing borrowings and as general working capital, said finance director Simon Drysdale.
Ã¢Â€ÂœWe are looking to expand aggressively. Within the UK we are hoping to add another 40 or so sites within the next 12 to 15 months,Ã¢Â€? he added.
The company also posted a trading update that showed sales up 0.8% for the year to 25 March, with sales at franchises up 12.1% against a 5.2% decline at company-operated bars.
The decline at managed bars was described as Ã¢Â€ÂœdisappointingÃ¢Â€? but the financial drag has diminished, said the company, as the emphasis was now very much on franchising.
Coffee Republic plans to convert all company-owned bars to franchising over time.
The coffee vending business is your opportunity to cash in on the 30 billion dollar coffee industry.
Can we solve the #1 Business problem people have today? Yes -- and the answer is simple...
Origami Owl serves as a vibrant and beautifully beaded inspiration to aspiring independent business owners.
Thin Energy is looking for a limited number of motivated business minded people...
Mobile commerce, Over 95% of business do not have a mobile app.
World's largest co-ed fitness franchise, Anytime Fitness can leverage its tried and true...
Amazing opportunity for only $500 in an industry that is prime for sales.
ActionCOACH Business Coaches make a difference and create wealth for all parties involved...
Mobile Gaming Revolution offers you the unique opportunity to be the center of EVERY party!