Former Coffee Republic boss cashes in shares worth more than £400,000

22 January 2007 by
Former Coffee Republic boss cashes in shares worth more than £400,000

Deposed Coffee Republic boss Bobby Hashemi has cashed in share options worth £412,500 as part his severance package with the company.

Hashemi resigned from the company on 20 October after a shareholder coup.

He had been facing a vote of no confidence with a move to replace him led by property investment companies Surthurst and Plymouth Land.

Shareholders had been unhappy with what they saw as the slow pace of change at the coffee-bar company.

Since taking control the new management team has embarked on an aggressive escalation of the company's franchising business, signing a number of regional development franchises.

Hashemi's shares were bought by Surthurst, which is controlled by Hawksworth Securities. It now has more than 71 million shares in the company, equivalent to a 13.55% share.

Coffee Republic chairman Peter Breach, who is also a director of Surhurst, has, directly or indirectly, an interest in 75,700,000 ordinary shares, representing 14.34% of the company's share capital.

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By Chris Druce

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