Overview
- Coca‑Cola ended talks with remaining bidders in December, including TDR Capital and Bain Capital Special Situations, after a months‑long auction.
- The company had targeted roughly £2bn for Costa, compared with the £3.9bn it paid to acquire the chain from Whitbread in 2018.
- Costa reported an operating loss of £13.5m on £1.2bn in 2024 revenue, citing pressure from cheaper rivals, independents, and higher input and labor costs.
- Earlier stages drew interest from Apollo, KKR, and Centurium Capital, with Lazard running the process and a TDR proposal that could have left Coca‑Cola with a minority stake.
- Retaining the business could lead to a write‑down, and sources indicate a sale attempt could be revisited in the medium term, with Costa operating about 2,700 stores in the UK and Ireland.