The developer behind the City of London’s tallest proposed tower is in talks to buy a chain of coffee shops.
EGi News revealed on Friday that Khalid Affara’s Arab Investments was in negotiations with KPMG to buy around 80 Coffee Republic outlets out of administration.
A spokesman for Arab Investments -which is developing the 945ft Pinnacle on Bishopsgate, EC2 -said that the group “intended to commit substantial capital into developing the Coffee Republic brand and will immediately be embarking on further expansionof the branch network”.
KPMG was appointed administrator of Coffee Republic (UK), Coffee Republic Franchising and Goodbean on 7 July.
Holding company Coffee Republic plc is not in administration.
The chainwas founded by Bobby and Sahar Hashemi in 1995. It has 187 coffee bars in the UK.
