Cooks Coffee has announced the appointment of RSM UK Restructuring Advisory LLP as administrators to its Triple Two coffee franchise business, comprising Triple Two Holdings Limited and its subsidiaries.
It follows an announcement on 26 September 2023 from Cooks, saying it expected to appoint administrators to place Triple Two into an insolvency process, citing a loss of momentum in the current market environment.
Some seven Triple Two coffee shops are believed to have closed this year, with the estate number c18 as of March 2023.
In a statement to the Stock Exchange, the New Zealand-founded operator reiterated that its larger Esquires coffee brand – with more than 50 UK stores – continues to perform in line with expectations and is making “a positive contribution” to the group.
The Esquires business will not be affected by the Triple Two administration process.
Cooks Coffee said it will make further announcements in due course as appropriate.
