Share Name Share Symbol Market Type Share ISIN Share Description
Coffee Republic LSE:CFE London Ordinary Share GB00B3DDNZ25
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 22.00p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food & Drug Retailers 5.8 -2.5 -24.0 - 2.79

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Date Time Title Posts
14/6/201213:572008 Coffee Republic Thread6,674
16/1/201108:40Coffee Republic - 2009 Investors Thread787
21/8/201012:51Coffee Republic - revolution required?1,147
21/8/201012:46CFE Unmoderated thread - for bulls AND bears5,800
08/8/200918:42Nectarios: Coffee Republic private thread150

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DateSubject
30/9/2016
09:20
Coffee Republic Daily Update: Coffee Republic is listed in the Food & Drug Retailers sector of the London Stock Exchange with ticker CFE. The last closing price for Coffee Republic was 22p.
Coffee Republic has a 4 week average price of - and a 12 week average price of -.
The 1 year high share price is - while the 1 year low share price is currently -.
There are currently 12,704,224 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Coffee Republic is £2,794,929.28.
14/6/2012
10:49
davred20: hi can anyone tell me about coffee republic and its shares ? they still r in bussines there website is still up and running dated 2012. i do get strange phone calls wanting me to sell my shares but keep refusing as i thought they were bust and it was a scam? there financial page says its being updated? and the share price says suspended at 22p ? anyone help? thanks dav
11/5/2009
09:19
winning_streak: JAF, you do not take a blind bit of notice of ANY bad news as far as cfe are concerned. You appear to be very happy that cfe has lost you loads of money and still don't question why. cfe are churning stores to keep them afloat there is a "dodgy" uplift of builders costs mis-selling is happening ingredients cost more from cfe suppliers that m&s dan has been ripped off for £320k just a few "happenings" jonc is waiting till the share price hits goodness only knows what before he buys!!
17/12/2008
09:48
cufes2: WS IMHO you are better off doing your own research. Most of the CFE perma bulls aren't very helpful to newbies in my experience unless you are part of the clique that got sucked in to CFE c 2 years ago or more. You will find that many of them are very defensive about CFE as they appear to be emotionally attached to the company and personalities involved and see any questioning or criticism of CFE, however minor, as a personal attack. IMHO none of them have produced a robust investment case for CFE based on traditional valuation methods. Instead they prefer to rely on what they are told by management and rumour rather than hard facts. IMHO the recent assertion that CFE is cash flow positive is an example of the sort of misinformation that is peddled by the CFE perma bulls. In fact, most of the posters on here have been consistently wrong about the prospects for CFE and the likes of pedrojack, mikey_b, et al have been averaging down since the share price was more than 3p in old money. Good luck with your research . . .
24/10/2008
14:45
gengulphus: The share price has to be above nominal value in order to raise further funds eg If the nominal value is 1p and the share price is 0.5p it prevents fundraising. The option is to reorganise the share capital below the share price eg make the nominal value 0.1p OR consolidate the share price above the nominal value eg 1:60 at 40p. I know - but a straightforward consolidation doesn't do anything to help in that situation, because the nominal value of a share gets adjusted along with everything else. In this case, the consolidation converted 60 Ordinary shares with nominal value 0.1p into one Ordinary share with nominal value 6p ( see resolution 9 in http://www.coffeerepublic.co.uk/uploads/1222341195.pdf ) - so the company was well able to do another fundraising before the consolidation and no more able to do so afterwards. Basically, companies cannot reduce their called-up share capital (which is the total of all their shares' nominal values) by routine means, so a simple share consolidation or split has to adjust the nominal values in that sort of way. When a company needs to do a fundraising at below the shares' current nominal value, they need something more drastic. A typical method would be a scheme of arrangement that (for instance) redesignates 59 out of every 60 Ordinary shares as Deferred shares, with the company's Articles of Association amended to give the Deferred shares such limited rights that they are effectively worthless (and usually giving the company the power to compulsorily acquire all of the Deferred shares for some negligible sum, such as 1p total for all of them put together, and then cancel them). From a shareholder's point of view, that basically concentrates the value of the original 60 shares in the one share that is allowed to remain as an Ordinary share, and so has a very similar effect to a share consolidation. But from the company law point of view, such a scheme of arrangement doesn't multiply up the nominal value of a share 60 times the way that a share consolidation would - instead, the nominal value of the remaining Ordinary shares remains what it was, and 59/60ths of the company's called-up share capital goes into the Deferred shares (and is probably wiped out when they are compulsorily acquired and cancelled). Also from the company law point of view, such a scheme of arrangement requires not just shareholder approval by an ordinary resolution (requiring a 50% yes vote to pass), but shareholder approval by a special resolution (75% yes vote to pass) and court approval. The net result is that if you see such a scheme or anything similar that achieves the economic effect of a share consolidation while leaving the nominal value of a share unchanged, yes, it's very likely in preparation for a fundraising - basically, there's no point in taking on the extra hurdles and costs of such a scheme if a simple share consolidation will do the job. But a simple share consolidation like the one CFE has just had simply doesn't help a company planning a fundraising in any real way. Gengulphus
24/10/2008
12:40
siwel100: The share price has to be above nominal value in order to raise further funds eg If the nominal value is 1p and the share price is 0.5p it prevents fundraising. The option is to reorganise the share capital below the share price eg make the nominal value 0.1p OR consolidate the share price above the nominal value eg 1:60 at 40p. Tiddlers with 1p nominal value choose consolidation as the other option would generate billions of shares. Hence when you see consolidation it usually means that fund raising is part of the process or its on its way as there is no other reason to do it. To consolidate for no reason or to flatter the company...is just silly talk. Perhaps in this case its true as that is what seems to have been said, but is unusual in the extreme. A slightly more positive perspective is that they feel a fundraising is a distinct possibility, but not essential at this point, hence the consolidation is a cautionary measure just in case. There are some rare instances where a consolidation takes place in order to tidy up and reduce the share register. If a company has tens of thousands of tiny holders with a few shares each, it in effect removes their presence as holders and those with just a couple of shares post consolidation would be more likely to sell. That reduces comunication and shareholder management costs and makes the register cleaner. Not really something that applies in this situation. imo
01/5/2008
13:06
cufes2: JamesClives That's strange . . . I predicted the CFE share price would drop from 3.1p to 2p and then predicted it had probably formed a bottom (don't get too excited James) at 2p . . . I also predicted gold was a buy at c $795 too . . . BTW that picture is hilarious, no really, I mean it . . .
04/4/2008
10:04
hamsterwheel: stockalchemy - errr... who's been right with predictions for CFE share price ? Me or everyone else ? Answer : me.
18/3/2008
17:11
hamsterwheel: One thing that is going to soon start affecting the CFE share price is dilution. Barty and Breach are apparently still working for nothing. Now, based on the FD's salary of £100k, I'd assume that Barty would expect to be on £150-200k, and Breach at least £50k. Double that total to account for the fact that any dosh they make will be on share price rises above 2.5p, and you're looking at £400k minimum of shares being issued. For every year they're not paid.....
03/3/2008
09:53
cufes2: JamesClives Fair enough if you want to stick your head up your ar$e and ignore all the bad economic news and misinformation about CFE but just look at the CFE share price . . . oh hang on, everything is going to be tickety boo with CFE because Barty is really fab and . . . and . . . everyone will still want a cup of coffee and a slice of cake . . . LMAO
13/2/2008
20:00
jgscott: Gentlemen/women, I came across some analysis posted by Shanklin just over a year ago... I may have a stab at updating it in the next week or two, time permitting. This was from Jan 2007 so a year old but still very useful..... useful for some of the newbies like FEN, etc. Share Price (Bid/Mid/Offer) = 2.8p/2.81p/2.82p Market Cap £14.4M Shares in Issue 513M NMS = 75000 Based on current price 02/01/07 Dividend = None Net Cash Flow = Negative TBV = Negative Debt = circa £2.4m Major Shareholders: Steven Bartlett (CE), through his 100% owned company, Plymouth Land, 13.65% Peter Breach (Chairman), through his 100% owned company, Surthurst, 11.67% The website address is www.coffeerepublic.co.uk Profitability – What's a profit? They've never made one of those... and have over £8m of tax losses that could be utilised going forward...but, under new management, that should change in the 07/08 financial year which commences in March 2007. Indeed the recent interim results, http://www.investegate.co.uk/Article.aspx?id=200612201406243505O from 20-Dec-06, include the statement... "no amount is provided for the value of... ...for the value of the tax losses which amount to around eight million pounds and which we intend to make good use of before very long." Analysis Using the interim results as a template for detailing the various elements of the business, CFE comprises : (a) Individual Bars (b) Regional Development Franchises (RDFs) (c) International Master Franchises (IMFs) (d) Co-Branding/'Coffee Republic Served Here' I expect (c) to be both cash flow positive and profitable and (d) to be, at worst, cash flow and profit neutral but, due to a lack of specific data, I am going to ignore them in terms of further analysis here. However, in this context, it is worth noting that: (c) International Franchising, The interims detailed that the Bulgaria Master Franchise has been awarded and, given that, as per the Interims, "Negotiations are in hand for a number of territories.", I expect more International Franchises to be announced in the near future and going forward. (d) Co-Branding/Coffee Republic Served Here The interims refer to being "in discussions with a number of national retailers with regards to co-branding opportunities. Indeed three co-branding trials will be taking place with a national pub operator in the near future.". My suspicion is that this element of the business could enable CFE to rapidly and profitably expand its number of outlets. The remaining elements of the business: (a) Individual Bars, and, (b) Regional Development Franchises (RDFs), are much better defined in that many of the associated numbers are in the public domain. Consequently, in considering the RDFs and the Individual Bars, my assumptions are as follows: (1) RDFs will, on average, cost franchisees £200k, with 20-25 RDF areas in all, with 5 area-based RDFs having been awarded to date; since these are template agreements I anticipate the costs to the business of setting up an RDF to be fairly minimal, but have assumed costs of £20k per RDF to be on the safe side, giving £180k of pure profit per RDF, with: - the cash normally receivable up-front and/or in the early part of the agreement - the associated profit to be amortised over the duration of the RDF agreement, which I understand to be 20 years (2) Based on "I anticipate we will grant RDFs covering substantially the whole of the British Isles before the end of the next financial year. from the interims, I'll assume the roll-out of the remaining 15-20 RDF areas will be completed in Mar-08. This may be a tad optimistic but my impression is that the Chairman, Peter Breach, is a very conservative individual, so I'm prepared to be marginally more bullish, especially as we've seen 4 RDFs awarded in the 9 weeks since the new management team have been in post; these 4 RDFs included the non-standard FEC RDF detailed in http://www.investegate.co.uk/Article.aspx?id=200611100700038619L. (3) Based on (1) and (2), overall I'll assume 17 further RDFs by Mar-07 with average net receivables of £180k each, with each RDF to be paid for in-full over the first two years of the franchising agreement. So, across all the 17 RDFs I've assumed, that means net up-front fee income to CFE of £3.06m, with the associated profit to be amortised over the 20 year period of each RDF. (4) The company currently has 42 outlets. The interims state, "During the half year nine existing bars were franchised and subsequent to the half year end we have franchised a further four existing bars bringing the total to eighteen. I am pleased to report that subsequent to the change in management there has been a significant strengthening in the pipeline of prospective franchisees including a strong demand for new sites both direct to the Company and through our Regional Development Franchisees." Given that the company is retaining three sites, one as a trial site and the two outlets at London Heathrow, where franchising is not allowed, I'm going to assume the remaining 21 existing outlets are franchised at a rate of two per month for 11 months. Again this may be marginally optimistic but I've been very pessimistic elsewhere. (5) On the existing outlets, the standard 17.5k franchise fee is payable together with a business transfer fee which has been widely quoted on bulletin boards as being in the range £80k - £200k. However, the figures provided in the interim results suggest that either CFE has focused on disposing of loss-making/low-profit outlets first or that, when considering what an average transfer fee might be, the top end of the £80k-£200k range is rather optimistic. Consequently, I'm going to assume an average business transfer fee across the remaining 21 outlets of £90k, a franchise fee of 17.5k and costs to CFE associated with each transfer of 7.5k. This would mean on average, in cash terms, that the franchise of a existing outlet leads to CFE receiving £100k in up-front fees. So, across, all 21 outlets remaining to be franchised, net up-front fees totalling £2.1 million could be anticipated. I do not have a clear picture of the likely profit/loss impact of franchising these outlets; however each individual profit or loss will be an exceptional item that will impact TBV (tangible book value) but will not impact cash flow. (5) Once an existing outlet is franchised, an ongoing franchise fee of 7.5% of sales is payable to CFE. Assuming an average outlet takes £6k per week, or say £300k per annum, this is £22.5k per annum of fees payable to CFE. One nice positive here is that the marginal cost to head office of supporting an additional outlet is minimal, so that this £22.5k is virtually pure profit/'contribution to head office costs'. On top of this, no doubt CFE are making a small margin on the supply chain into the outlet. Let us say this is 2% of sales, meaning another £6k per annum to CFE. So, once we get to 39 franchised outlets, that would be 39 x (22.5k + £6k) = 39 x28.5k = £1.111 million per annum towards profit/'the cost of head office' all of which will come through as cash flow. (6) However, this is not the whole story with respect to individual outlets. Specifically, the interims state that, "With the new management and business generation processes being established I expect that, over the next year, the domestic portfolio will almost double in size and overseas Coffee Republic outlets will be starting to trade." So, in a year's time, one could reasonably assume there will be another 38 (say) franchised outlets in the UK. Some of these outlets will be direct to the company and the rest through the RDFs. In financial terms, CFE gains most from franchised outlets where the RDF is not involved, on which it gains all the franchise income, so I'll assume all these 38 outlets are via RDFs (7) The initial franchise fee on an individual outlet is £17.5k. If its through an RDF, this fee is split 50:50 between the RDF and CFE. Given that the RDF does most of the associated work, I'm going to assume CFE's associated costs are minimal and that they make £8k profit from this. The associated cash flows are up-front so that's 38 x 8k = £304k of cash to CFE over the course of the year. The associated profit will be amortised over the duration of the franchise agreement, which I suspect will be viewed as 5 years as, although the agreement is normally for 10 years, a further franchise fee is payable after 5 years.. (8) From a franchisee's point of view, the fees payable are unaffected by whether or not an RDF is involved, meaning that 7.5% of sales are payable in franchise fees. Where this is through an RDF, the RDF receives 40% of this fee and CFE the remaining 60%, i.e. 4.5% of sales. Using the £300k per annum turnover number assumed above, this is £13.5k of virtually pure profit/'contribution to head office costs'. On top of this we have the profit on the supply chain into the outlet, which at 2% of sales would be another £6k per annum to CFE. So that's a total of £19.5k marginal profit per outlet. So, once we get to 38 franchised outlets via RDFs, that would be 38 x 19.5k = 741k per annum towards profit/'the cost of head office'. Given that none of these outlets is currently open, so that on average across the year, 19 will be open, and it will take time to ramp up sales, in year 1, it might be safer to assume that, rather than £741k, the franchise income would be a quarter of that, say £185k, ramping up to 2/3 of the 741k, say £494k, in year 2 and 741k in year 3 (9) Looking further forward, and given that each RDF is, in principal, meant to be opening 5 new outlets per year for the first 5 years of the RDF agreement, I think its reasonable to assume that, if CFE achieves 38 new domestic outlets in the next year, it would achieve a minimum of 60 new domestic outlets, more probably 80, in the subsequent year, and at least 100 new domestic outlets in the year following that. To be on the safe side, I've assumed 60 outlets in what I've called year 2. Profitability and Cash Flow So what does all this mean in terms of profitability and cash flow? Well, before we get on to that, the one fundamental piece of information that is missing is head-office costs? Given that note 21 to the 2006 accounts identifies that 20 people were involved in Administration, including the directors, I am struggling to believe that Head Office costs, including what was historically circa £300k for the directors, is more than £1.5m per annum, especially as the Head Office is sited in a fairly unattractive location. I will try to learn more about head-office costs from the company, at the latest at the EGM on 8th February, but the figures below suggest to me that I'm not too far out Anyway, back to profitability and cash flow, first of all cash flow. Year 1 (2007) Building on the assumptions above, the cash flow over the next year would be: +£3.06m Initial fees from 17 RDF agreements (see (1)-(3) above), albeit some of this may be deferred into the following year +£2.10m Initial fees (see (4) above) associated with franchising out 21 of the remaining 24 company-owned outlets +£1.11m Franchise income (see (5) above) on 39 franchised outlets direct to CFE +£0.10m Conservative estimate of combined profit of 3 outlets retained as company-owned +£0.30m Initial fees (see (6)-(7) above) on 38 additional franchised outlets via RDFs +£0.18m Year 1 franchise income (see (8) above) on 38 additional franchised outlets, via RDFs, opened in the year -£1.50m Head Office costs -£0.25m Bank interest and charges based on experience in the 2005/06 tax year ----------- +£5.09m ----------- Profit would be rather lower and could well still be slightly negative: +£0.15 The £3.06m detailed above, amortised over 20 years +£0.00 A conservative view on the profitability on the transfer fees and franchise fees from franchising out 21 of the remaining 24 company-owned outlets +£1.11m Franchise income (see (5) above) on 39 franchised outlets direct to CFE +£0.10m Conservative estimate of combined profit of 3 outlets retained as company-owned +£0.06m Initial fees (see (6)-(7) above) on 38 additional franchised outlets via RDFs, amortised over 5 years +£0.18m Year 1 franchise income (see (8) above) on 38 additional franchised outlets, via RDFs, opened in the year -£1.50m Head Office costs -£0.25m Bank interest and charges based on experience in the 2005/06 tax year ----------- -£0.15m ----------- I suspect this number is at the low-end of the likely outcomes, but it is perhaps more instructive to look at the numbers in year 2, and to reflect on the fact that two strands of the business are being completely ignored. Year 2 (2008) So, the cash flow in year 2 would be: +£1.11m Franchise income on 39 franchised outlets direct to CFE +£0.10m Conservative estimate of combined profit of 3 outlets retained as company-owned +£0.49m Year 2 franchise income (see (8) above) on 38 franchised outlets, via RDFs, opened in year 1 +£0.48m Initial fees (see (6)-(9) above) on 60 additional franchised outlets via RDFs opened in year 2. +£0.29m Year 2 franchise income (see (8) above) on 60 franchised outlets, via RDFs, opened in year 2 -£1.50m Head Office costs -£0.10m Bank interest and charges assuming some of the strong cash flow in year 1 is used to significantly reduce the debt. ----------- +£0.87m ----------- The company would also move into profitability in year 2: +£0.15 The £3.06m detailed above, amortised over 20 years +£1.11m Franchise income (see (5) above) on 39 franchised outlets direct to CFE +£0.10m Conservative estimate of combined profit of 3 outlets retained as company-owned +£0.06m Initial fees (see (6)-(7) above) on 38 additional franchised outlets via RDFs, amortised over 5 years +£0.49m Year 2 franchise income (see (8) above) on 38 additional franchised outlets, via RDFs, opened in year 1 +£0.10m Initial fees (see (6)-(9) above) on 60 additional franchised outlets via RDFs opened in year 2, amortised over 5 years +£0.29m Year 2 franchise income (see (8) above) on 60 franchised outlets, via RDFs, opened in year 2 -£1.50m Head Office costs -£0.10m Bank interest and charges ----------- +£0.70m ----------- It is from this point that the effect of the franchising starts to have a more and more significant effect, with profit more than doubling the following year... ...and worth remembering that all the above analysis is ignoring two rather important strands of the business where I'm expecting to see a string of positive RNSes in the coming months.
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