Coffee Republic chief executive to step down

Steven Bartlett is to step down as chief executive of Coffee Republic, the company said today.

Bartlett, who was appointed to his role in October 2006 after a shareholder revolt forced out executive chairman Bobby Hashemi, will remain on the board as a non-executive.

Bartlett's duties will be assumed by current executive chairman Peter Breach and the search for a full time replacement for Bartlett has been launched.

The changes are to come into effect at the company's annual general meeting (AGM). A date for this has not yet been set but it is expected to be held in the next couple of months.

Bartlett is expected to be appointed vice-chairman at the AGM and he will continue to hold a substantial shareholding.

Coffee Republic said like-for-like sales in the first three months of the current financial year had increased by 2.5% driven by strong growth from its expanding portfolio of franchises.

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By Chris Druce

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