Tue, 26 Sep 2023 | ADMINISTRATION
A coffee franchise business with 11 sites across England and Wales is poised to be placed into administration amid a difficult trading environment. Triple Two Coffee, part of the Cooks Coffee Company, was first established in 2016 with a flagship site in Swindon.
The company now has ten sites across the South East and South West and one outlet in Newport, Wales. In 2020, the business joined Cooks Coffee Company and, prior to the onset of the COVID-19 pandemic, had been experiencing strong growth.
In a statement, Cooks Coffee Company said: "Triple Two was growing rapidly before the COVID-19 pandemic and had shown continuing momentum in FY22. However, in recent times, this momentum has not been able to be maintained and the business has been adversely impacted by the current market environment.”
As a result, Cooks Coffee Company said that expects to "shortly appoint administrators to place its Triple Two coffee franchise business, comprising Triple Two Holdings Limited and its subsidiaries, into an insolvency process".
In accounts for the year ending December 31 2021, Triple Two Coffee Holdings Limited had fixed assets of £15,873 and current assets of £105,960, with total liabilities of £183,752. Triple Two Coffee Franchise Limited, meanwhile, reported fixed assets of £25,332 and current assets of £799,375 during the period from May 1 to December 31 2021, with total liabilities of £338,969.
Cooks Coffee Company added: "The company's larger Esquires business continues to perform in line with management's expectations and is making a positive contribution to the group. The Esquires business will not be affected by any Triple Two insolvency process. The company will make further announcements in due course as appropriate."
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