Coffee Republic, the AIM-listed coffee bar group, has ended its relationship with franchise partner CR Direct.
The company announced that franchise agreements with CR Direct to develop the Yorkshire and Nottingham regions, and also Coffee Republic’s presence in UK family-oriented resorts, had been terminated.
The news came as the company announced the raised of £0.3m through the issue of convertible loan notes, bringing the total loans notes issued to £0.8m.
It said: “The additional loan notes have been used as consideration to buy back a number of regional development franchisee (RDF) agreements where the company and the RDF believe it is in the best interests of both parties to do so.”
The company also announced that it had signed International Master Franchises for Jordan and Malta.
