Starbucks commits to $1.5bn annual spend
US coffee chain announces new target to support the growth of small BIPOC community businesses and reinforces its commitment to fostering inclusion and diversity across its US workforce.
Caffè Nero quashes EG Group
Caffè Nero has ended a takeover bid by petrol station forecourt operator EG Group after successfully completing £330m ($453m) debt refinancing. According to a report in the Financial Times, Caffè Nero has secured a six-year loan package from HSBC, Santander and Carlyle Group, alongside and undrawn credit facility of £85m that could be used to facilitate further international expansion.
Israel’s Aroma coffee chains to merge
Israeli coffee chains Aroma Israel and Aroma Tel Aviv are set to re-join forces after parting ways more than two-decades ago. Originally founded as the Aroma café chain in 1994 by brothers Yariv and Shahar Shefa, the company became two separate entities in 1999 after a disagreement between the siblings.
India’s Third Wave Coffee secures $6m investment
Indian boutique coffee chain Third Wave Coffee has secured $6m investment to help facilitate its ambitious expansion plans. New investors include Sujeet Kumar, co-founder of Indian B2B trade platform, Udaan, Arpan Sheth, a senior leader at management consultants, Bain & Company, and Ayyappan Rajagopal, CEO of flight booking website, Cleartrip.