Coca-Cola reportedly abandons plans to sell Costa Coffee chain

A picture


Coca-Cola has reportedly abandoned plans to sell its Costa Coffee chain after bids from private equity firms failed to meet its expectations,The US soft drinks company halted discussions with remaining bidders in December, according to the Financial Times, ending a months-long auction process,It first emerged in August that Coca-Cola was working with bankers on a review of Costa that could lead to the chain being sold off in a cut-price deal, of roughly half what it paid for the business,Coca-Cola had high hopes for Britain’s largest coffee chain when it bought it for £3,9bn in 2018 from Whitbread, the owner of Premier Inn hotels.

However, since then the chain has struggled in the face of rising costs, particularly the rise in coffee bean prices, and competition on UK high streets,As a result, Coca-Cola was reportedly seeking about £2bn for Costa, which would have resulted in it realising a multibillion-pound loss,The companies in the latter stages of talks to buy Costa included Asda’s owner, TDR Capital, and Bain Capital’s special situations fund, which owns Gail’s Bakery and PizzaExpress, according to the FT,The newspaper added that the private equity firms Apollo, KKR and Centurium Capital were involved earlier in the auction process, which was handled by the investment bank Lazard,Coca-Cola’s outgoing chief executive, James Quincey, who will move to become the company’s executive chair at the end of March, previously told investors that Costa had “not quite delivered” for the soft drinks company and was “not where we wanted it to be from an investment hypothesis point of view”.

Quincey will be succeeded by Coca-Cola’s chief operating officer, Henrique Braun, and the company has reportedly not definitively ruled out selling Costa in the future.Costa, which has about 2,700 outlets across the UK and Ireland, has been squeezed by rising costs and faced competition from upmarket rivals such as Gail’s and independent coffee shops, as well as cheaper offerings from the likes of Greggs and McDonald’s.The coffee chain was founded in 1971 by Italian brothers, Sergio and Bruno Costa, and sold to Whitbread in 1995 for £19m.When Coca-Cola bought the business, Quincey said there were “great opportunities for value creation”.Costa made revenues of £1.

2bn in its 2024 financial year, according to its most recent annual accounts filed at Companies House, only 1% higher than in 2023.However, its operating losses widened from a year earlier to £13.5m, which the company blamed on “challenging conditions with soft footfall and growth of value-led competitors”.Coca-Cola and Costa Coffee were approached for comment.
A picture

West African sunshine dishes: Toyo Odetunde’s chicken yassa pot pie and stuffed plantain boats – recipes

If there’s anything that can assuage my winter blues, it’s a soul-soothing chicken pie. I’ve long enjoyed innovating fusions between west African and other cuisines, and today’s marriage of a deeply flavourful Senegalese chicken yassa-inspired filling in buttery, flaky puff pastry is one of my all-time favourites. But, first, my take on hearty Nigerian stewed beans – ewa riro – using tinned beans for added convenience. Typically paired with ripe plantain, I use the rich beans to fill canoas (plantain boats) in a playful, Latin American-inspired twist.Dried prawns and west African red palm oil, which are integral to our cooking (and the latter is not to be confused with those industrial palm oils that are driving mass deforestation), give this dish its signature umami and uniquely earthy and subtly sweet flavour

A picture

How to make penne all’arrabbiata – recipe | Felicity Cloake's Masterclass

Pasta all’arrabbiata is the perfect dish for January. Not only is it quick, vegan and made from ingredients you might conceivably have in the cupboard already, but the name, which means angry, could be said to suit my mood now that the last of the Christmas festivities are over. Happily, a big plate of rich, tomatoey pasta can always be relied upon to lift the spirits.Prep 5 min Cook 25 min Serves 22 tbsp extra-virgin olive oil, plus a little more to finish1 tsp chilli flakes 2 garlic cloves 400g good tinned tomatoes, or passata 200g penne (see step 1)Salt and black pepper ¼ tsp red-wine vinegar 1 handful basil leaves, or flat-leaf parsleyThis dish is traditionally made with penne, but any shape that traps chunky pieces of sauce will give maximum enjoyment. Caz Hildebrand and Jacob Kenedy’s book The Geometry of Pasta suggests no fewer than 14 alternatives, including farfalle, pappardelle and tagliatelle, while I’d recommend rigatoni, fusilli, conchiglie or, indeed, anything that looks vaguely like them

A picture

Martino’s, London SW1: ‘Beautiful bedlam’ – restaurant review | Grace Dent on restaurants

Does central London really need another fancy Italian restaurant? Well, yes, apparently it does …Does the area around Sloane Square in central London really need another fancy, Italian-leaning restaurant that serves up tortellini in brodo and veal Milanese? Well, yes, apparently it does. One Saturday lunchtime late last year at Martino’s was hectic even in the delightful reception area, where we were waiting to check in a coat with the elegantly uniformed front-of-house ladies. All the tables in this hot new all-day brasserie were booked and busy, and plenty of walk-ins were champing at the bit for cancellations.Actually, “delightful reception” is not a phrase I’ve often uttered, or even thought, but this is a Martin Kuczmarski restaurant, so the small things tend to add up to a larger picture – this cocoon-like holding pen keeps would-be queuers away from the diners. Why was I so charmed by this weird, crisply officiated bends chamber that operates as a liminal space between the real grubby world outside and the glitzy, sexy, mock-Italian trattoria inside? Well, it turns out that’s because it solved a problem that I didn’t even realise I had

A picture

Helen Goh’s recipe for baked apples with lemon and tahini | The sweet spot

After the excesses of December, these baked apples are a light, refreshing vegan pudding. The filling makes good use of any dried fruit lingering still from Christmas, and is brightened with lemon and bound with nutty tahini. As the apples bake, they turn yielding and fragrant, while the sesame oat topping crisps to a golden crown. Serve warm with a splash of cream, yoghurt or ice-cream (dairy or otherwise), and you have comfort that feels wholesome and indulgent.If need be, you can make these vegan and/or dairy-free with a few simple tweaks

A picture

Health by stealth: the rise of drinkable no- and low-alcohol beer

As the last of the liqueur bottles are consigned to the recycling and the festive hangovers subside, even those of us who scorn the very concept of Dry January (no booze at all? In the gloomiest month of the year? Are they mad?) tend to take our feet off the alcohol pedal and give our livers something of a rest.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more.Water, of course, is the easiest, cheapest and probably most effective way to detox; it’s also the most boring

A picture

Mark Hix’s recipe for roast pumpkin and pickled walnut salad

I try to grow a few varieties of squash every season, but in the past couple of years the results have more or less failed me. I originally put that down to the lack of time and attention I’d given those poor plants, but I’m now starting to wonder if the soil in my raised garden beds overlooking Lyme Bay in Dorset is actually right for them.I’m not giving up just yet, though, and this year I’ll be trying different varieties in a different bed that I’ve prepared and composted over the winter with seaweed mulch. As luck would have it, however, my friend Rob Corbett came to the rescue a couple of weeks ago by giving me several specimens when he delivered some wine from his Castlewood vineyard a few miles away in east Devon. If you know your gourds even a little, you will also know that squashes keep for months, which is handy, because they ideally need to cure and ripen before use