Cooks Coffee Co Ltd - New Zealand-based coffee chain - Says it expects to shortly appoint administrators to place its Triple Two coffee franchise business, comprising Triple Two Holdings Limited and its subsidiaries, into an insolvency process. Explains that Triple Two was "growing rapidly" before the Covid-19 pandemic, and had shown continued momentum in financial 2022. However, this momentum has not been maintained and the business was adversely impacted by the current market environment. Currently there are 11 operating Triple Two franchised stores.

Notes that its larger Esquires business continues to perform in line with management's expectations and is making a positive contribution to the group. Says the Esquires business will not be effected by any Triple Two insolvency process.

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By Holly Beveridge, Alliance News reporter

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