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Caffè Nero poised to return to private ownership

16 January 2007
Caffè Nero poised to return to private ownership

Caffè Nero chairman Gerry Ford has taken another step closer to taking back control of the company he bought in 1997.

Ford, through his management-buyout vehicle Rome Holdco, now has 82.6% shareholder backing following an extraordinary general meeting late last week.

Ford needs to get 90% backing to take full control but, with a second round of voting due to take place later this month, that looks all but a formality.

The £225m buyout will see the 282-outlet company going back into private hands, despite a strong showing financially in recent months.

Ford has said he wants to take back control of the company because he sees that as the best way at the moment to expand the business.

Caffè Nero was established in London by Ian Semp in 1990.

Caffè Nero boss agrees deal to take company private >>

Sales and profits surge at Caffè Nero but firm's takeover status remains unknown >>

Strong growth predicted for £1b UK branded coffee bar market >>

Caffè Nero website >>

By Nic Paton

E-mail your comments to Nic>here.
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