CCC - Expected Administration of Triple Two Coffee business

26/9/2023, 12:24 pm MKTUPDTE

Cooks Coffee (NZX: CCC ; AQUIS:COOK) announces that the Company expects to shortly appoint administrators to place its Triple Two coffee franchise business, comprising Triple Two Holdings Limited and its subsidiaries, into an insolvency process.

Triple Two was growing rapidly before the Covid-19 pandemic and had shown continuing momentum in FY22. However, in recent times, this momentum has not been able to be maintained and the business has been adversely impacted by the current market environment. Currently there are 11 operating Triple Two franchised stores.

The Company’s larger Esquires business continues to perform in line with management’s expectations and is making a positive contribution to the Group. The Esquires business will not be affected by any Triple Two insolvency process.

The Company will make further announcements in due course as appropriate.

•  Announcement re Triple Two

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

GEN - Completion of Purchase of Premium Funding Business
Fletcher Building Announces Executive Appointment
WCO - Director independence determination
AIA - welcomes Ngahuia Leighton as 'Future Director'
Mercury announces Executive team changes
Fonterra launches Retail Bond Offer
October 29th Morning Report
BIF adds Zincovery to its investment portfolio
General Capital Resignation of Director
General Capital subsidiary General Finance update