British Baker:

Coffee Republic has been rescued from administration and 62 jobs have been saved after a deal was agreed with Arab Investments to purchase the UK coffee chain.

Administrator KPMG announced that the acquisition was completed today by the London-based property investment firm.

Holding company Coffee Republic plc, had followed its three subsidiaries – Coffee Republic (UK) Ltd, Coffee Republic Franchising and Goodbean Ltd – into administration earlier this month, and the administrators were forced to close 10 under-performing company-owned stores.

The firm has said it intended to commit “substantial capital” into developing the brand and will be “embarking on further expansion of the branch network”. The chain currently has 80 outlets, 60 of which are located in the UK.