Pan-European coffee and vending business Pelican Rouge has confirmed formal lender approval for its new strategic plan to reposition the business for long-term growth.
The details of the plan include the immediate separation of the coffee and vending businesses and the appointment of a new non-executive director with relevant coffee industry experience to the supervisory board.
Management believes that the new strategic plan places the business on a strong platform, from which organised disposals can be initiated. To facilitate the first phase of strategy, Deutsche Bank has been engaged to advise on strategic alternatives for the disposal of the coffee business with marketing expected to commence within the next six months.
Alain Beyens, CEO of Pelican Rouge, said: “On behalf of the management team, I express thanks to our lenders for their ongoing support, which will enable us to deliver maximum value for the company. The strategic plan which has been approved aims to capitalise on the opportunities for growth while recognising and addressing the challenges in the market.
“We continue to believe in the positive outlook for the European coffee industry, and this part of the business is well positioned to build on the growth it has seen in its core European markets. Further, we will seek to maintain our leading market position in core vending markets in Spain, France and the UK, enabling future local consolidation to ensure sustainable profitable growth in those markets.”