Midlands Costa coffee franchise sold for seven-figure sum

Midlands Costa coffee franchise sold for seven-figure sum

A Costa coffee shop franchise of 10 stores has been sold for an undisclosed seven-figure sum, with support from accountants Moore Stephens.

Husband and wife team Nigel and Bernie Foster have sold Central Coffee Limited, based in Kenilworth, Warwickshire, to Auriga Holdings.

Central Coffee launched its first Costa store in Daventry in 2006, and has since gone on to open nine further stores around the Midlands.  

The Fosters, who are now based in Malta, had grown the company into a £4.5m turnover business employing 100 members of staff.

The buyer, Auriga Holdings, is a family-run London-based company which already operates a number of successful KFC franchises.

Nigel Foster, director of Central Coffee Limited, said: “Our original plan was to open seven stores, but having grown to ten shops we felt we’d taken the business to as big as we wanted it to be and the time was right for us to sell the business.

“The moment we met the directors of Auriga Holdings we shook hands on a deal in principle and we believe the new owners are well-placed to grow the business.

“Suk Aulak at Moore Stephens has been instrumental in supporting us since day one and has played an important role in concluding this deal.”

Suk, partner at Moore Stephens’s Birmingham office, said: “Nigel and Bernie have worked extremely hard to build a successful and profitable business and we’re pleased to have been able to support Central Coffee in its growth and in completing this deal.

“It is really rewarding when you have a part in a business growing and the owners achieving just what they set out to do.”