Overview
- Talks were ended in December, closing a months-long Lazard-run auction for the chain Coca-Cola bought from Whitbread in 2018 for £3.9bn.
- Final-round bidders included TDR Capital and Bain Capital Special Situations, with Apollo, KKR and Centurium Capital participating earlier.
- Costa reported a 2024 operating loss of £13.5m on £1.2bn revenue as higher costs and value-focused rivals pressured the UK and Ireland network of about 2,700 sites.
- The halted process increases the likelihood of a write-down of Costa’s carrying value on Coca-Cola’s books, according to multiple reports.
- Reports suggest a sale could be revisited in the medium term, with choices on investment or restructuring set against a CEO transition to Henrique Braun in March.