New Joint Venture with Rosinter Restaurants Holding
MOSCOW--(BUSINESS WIRE)--Whitbread and OJSC Rosinter Restaurants Holding "Rosinter" (RTS:ROST) have today announced they will launch the Costa Coffee shop chain in Russia via a Joint Venture.
Rosinter is the leading casual dining restaurant chain in Russia and CIS, operating 216 restaurants in 8 countries and 24 cities.
The new agreement between Whitbread and Rosinter will see over 200 Costa stores opening in the next five years, concentrating on Moscow and Saint Petersburg in its first year, and then expanding to other Russian regions thereafter. The partners also intend to open Costa stores in Ukraine and Belarus at a later date.
The first Costa flagship store will open in Pushkin Square in Moscow in early 2008. In addition, it is intended that some coffee shops currently operated by Rosinter under its proprietary brand Moka Loka will be acquired by the Joint Venture and converted to the Costa brand.
This new, strategic, business alliance will combine the experience and resources of both partners – the ideal combination of global and local expertise and knowledge - to achieve a fast and successful development of the Costa brand in Russia.
John Derkach, Managing Director, Costa Ltd said: "Costa has become a part of daily life for millions of customers worldwide with a presence in 20 countries, and this new agreement with Rosinter clearly demonstrates our ongoing ambition to be a global coffee brand. We are delighted to partner with Rosinter, a very successful restaurant company and an ideal associate with whom to develop the Costa brand in Russia, and to partner with the great entrepreneur Rostislav Ordovsky-Tanaevsky Blanco."
Rosinter's Founder and Chairman of the Board Rostislav Ordovsky-Tanaevsky Blanco added: "The sustained rise in disposable income in Russia has brought about an increase in the frequency of visits to restaurants and coffee shops. Coffee shops have become popular across all segments of the population and a growing percentage of consumers are discerning about the quality of the coffee, the food and the service being provided. We are delighted about this timely partnership with Costa Coffee and I am sure that together we will set new standards of quality for Russian consumers".
Overall Costa now operates 923 stores with 268 in 20 overseas markets. In the UK Costa is the largest and fastest growing coffee shop chain with 655 stores.
Costa is part of the Whitbread family of brands. Italian brothers Sergio and Bruno Costa founded costa in 1971. Costa's in-store baristas are all coached in the art of coffee making at the company's unique Costa Coffee Academy based at its own roastery in Lambeth, London.
Costa has won the award for Best International Franchise Operator 2007. Costa has been voted as one of the strongest UK brands by experts and consumers and has been awarded 'Superbrand' status.
Costa set up a registered charity (no.327489) in 2006 called 'The Costa Foundation' to give something back to the communities within the countries from which Costa sources its coffee beans.
Whitbread PLC is the UK's leading hospitality company, managing market leading businesses in the budget hotels and restaurant sectors, including Premier Inn, Brewers Fayre, Beefeater and Costa Coffee. Whitbread's strategy is to create value for its shareholders by focusing investment and growth in expanding sectors of the hospitality industry, primarily in the UK but also in selected overseas markets. In the financial year to March 1, 2007, Whitbread generated pre-tax, pre-exceptional profit of £213.0m. Founded in 1742, the company is listed on the London Stock Exchange (as WTB.L) and is a member of the FTSE4Good indices.
OJSC Rosinter Restaurants Holding is the leading casual dining restaurant company in Russia and the CIS, which currently (December 11, 2007) operates 216 outlets, including 45 franchised restaurants. In 2006 it served approximately 12.5 million customers in Russia, the CIS and Central Europe, including Baltic countries. The Company offers Italian, Japanese, American and Russian cuisine under its proprietary brands IL Patio, Planet Sushi and 1-2-3 Cafe and its licensed brands T.G.I. Friday's and Sibirskaya Corona. Following the opening of its first restaurant in Moscow in 1990, the Company operates in 24 cities in Russia, the CIS and Central Europe, including Baltic countries. Rosinter reported consolidated revenues of US$ 218.6 million, in accordance with audited IFRS accounts, for the twelve months ended December 31, 2006. Rosinter Restaurants Holding is listed in RTS (www.rts.ru) under the stock ticker ROST.
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