China Resources Enterprise CRE has agreed to buy an 80% stake in Pacific Coffee from Hong Kong conglomerate Chevalier Pacific, the two companies said in a joint statement yesterday. Chevalier will retain a 20% holding in one of Hong Kong's favourite coffeehouse chains, but has a three-year option to sell its minority interest to CRE.
Pacific Coffee has built a strong brand in Hong Kong since opening its first café in 1992, and like its rival Starbucks, it has Seattle, USA, origins. It currently operates 90 outlets, of which 83 are in Hong Kong, three on the Chinese mainland and four in Singapore. An additional five franchised coffehouses are spread across...
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