Bosses to try and rescue Coffee Republic

Steven Bartlett, a non executive director of Coffee Republic since last October, has teamed up with Milton Guffogg to assemble a bid ahead of today's deadline to rescue the beleaguered chain. But it looks like there is another strong offer from Peter Breach, the executive chairman of the firm.

KPMG hopes a deal can be completed within the next few days. It expects to receive a number of bids after more than 120 parties expressed an interest. Analysts said that rival chains including Costa and Caffe Nero would be more interested in some outlets rather than the whole estate. The portfolio largely comprises franchised shops though there are some company-owned stores. The Group collapsed at the start of last week when its largest subsidiary was placed into administration.

Guffogg, the former chief executive of retailer Celebrations, said that the coffee group had a strong brand, and that it could be turned around with "good management controls" and "strong leadership".

More analysis of the UK coffee industry here.

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