Costa franchises sold for £600,000
MANCHESTER law firm Glaisyers has advised on a £600,000 deal which has seen Costa Coffee franchisee Liquid Retail sell three outlets to Birmingham-based SY Coffee.
SY Coffee’s will now assume the franchise of the three outlets: Market Street in Crewe, Telegraph Road in Heswall and Chester Services on the A55.
Yorkshire Bank provided the funding for the deal for SY Coffee, which is run by directors Shakeel Arshad and Yatin Trivedy.
Glaisyers also advised on property and finance elements, including the extension of a lease, a surrender, various guarantees and other mandatory financial documents.
Eric Quirk, retail and commercial property partner at Glaisyers, said: “This is the first time that the client had been through the Costa approval process. This involved complicated liaison with up to seven legal parties at once and included both property and company specialists from Glaisyers.
“The deal increases SY Coffee’s number of outlets to four with plans to grow this to six by mid 2012. Costa has grown to nearly 2,000 UK outlets with coffee providing an important stimulus to the North West economy.”
“The retail market is difficult for everyone at the moment but Glaisyers continues to extend its reach in the retail sector and advise some very successful national franchisees on their expansion plans.”
Yorkshire Bank was advised by Matthew Arnold & Baldwin. Brabners Chaffe Street in Liverpool acted for the sellers and Field Fisher Waterhouse acted for Costa Ltd.
