Overview

• Coca-Cola has engaged Lazard to explore options for Costa and has held early talks with a small group of potential bidders, including private equity firms.
• Indicative offers are expected in early autumn, though the company may decide not to proceed with a sale.
• Analyst estimates suggest a sale could crystallise a multibillion‑pound loss versus the £3.9bn paid to Whitbread in 2018.
• Companies House filings show Costa generated £1.22bn in revenue in 2023 but posted a pre-tax loss of £9.6m after inflationary pressures and write-downs.
• Costa runs more than 2,000 UK outlets and a large Costa Express network globally, while Coca-Cola and Lazard have declined to comment on the reported process.