A Midlands Costa coffee shop franchise of ten stores has been sold for an undisclosed seven-figure sum, with support from accountants Moore Stephens.
Central Coffee Limited, which is headquartered in Kenilworth in Warwickshire, has been sold by husband and wife team Nigel and Bernie Foster to Auriga Holdings.
Central Coffee launched its first Costa store in Daventry in 2006, before going on to open nine further stores in Kenilworth, Ashby-de-la-Zouch, Shirley, Bridgnorth, Burton-on-Trent, Newport, Stourbridge and two in Walsall.
Under the Fosters – who are now based in Malta – the company grew to a £4.5 million turnover business which employed 100 staff.
Auriga Holdings is a family-run London-based company which operates a number of successful KFC franchises.
The sale has been completed with the support of accountants and business advisors Moore Stephens, who have worked with Central Coffee since the launch of the company.
Nigel Foster, director of Central Coffee Limited, said: “Our original plan was to open seven stores, but having grown to ten shops we felt we’d taken the business to as big as we wanted it to be and the time was right for us to sell the business.
“The moment we met the directors of Auriga Holdings we shook hands on a deal in principle and we believe the new owners are well-placed to grow the business.
“Suk Aulak at Moore Stephens has been instrumental in supporting us since day one and has played an important role in concluding this deal.”
Suk, partner at Moore Stephens’s Birmingham office, added: “Nigel and Bernie have worked extremely hard to build a successful and profitable business and we’re pleased to have been able to support Central Coffee in its growth and in completing this deal.
“They had both enjoyed successful careers before setting up Central Coffee and brought what they had learned in business to the franchise operation and have seen it grow and grow. It is really rewarding when you have a part in a business growing and the owners achieving just what they set out to do.”
Along with Moore Stephens, Clarke Willmott’s Birmingham office acted for Central Coffee Limited on the deal.
