Starbucks mulling possible UK sale
Starbucks is reportedly exploring a potential sale of its UK business as it faces increasingly tough competition and changing customer habits.
The world’s biggest coffee chain has been hit hard by lockdown measures around the world.
Starbucks said it was “not in a formal sale process for the UK business”.
The firm will continue to “evaluate strategic options” for its company-owned international operations, according to the Times.
The newspaper said Starbucks had taken on advisers Houlihan Lokey to explore possible options for the business.
The company is also facing increased competition in the UK from rival coffee chains including Costa, Pret A Manger and Tim Hortons.
Starbucks oversees about 1,000 outlets in the UK, of which about 70% are franchises while the remainder are owned by the firm.
The group is currently in the process of finding a new permanent chief executive, while former chief executive Howard Schultz took over the role temporarily.
Earlier this year, market researcher Allegra Group said coffee chains in the UK will take four years to recover from the Covid slump.
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