Whitbread gave its network of Costa Coffee shops in central and eastern Europe a boost yesterday by agreeing to acquire Coffeeheaven for £36m. Coffeeheaven, based in Poland, will add 90 coffee shops to Costa's growing empire of 1,500 stores in the UK and overseas.
John Derkach, the managing director of Costa, said: "It is an important step forward in achieving Costa's strategic objectives and international growth ambitions. This transaction will give Costa a strong position in the important and rapidly growing central and eastern European market."
Founded in 2000, the AIM-listed Coffeeheaven has 62 shops in Poland, 14 in the Czech Republic and 14 across Bulgaria, Hungary and Latvia. Whitbread is paying 24p in cash for each Coffeeheaven share. On Monday, Costa said sales rose by 6.7 per cent in is third quarter.
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