Starting the 1st of May, Coffee Beanery in Cyprus officially changes hands as the, up to now, main shareholder Lambros Christofi decided to sell.
According to sources, the purchase price is 1,7 million euro and the same sources state that the buyers are businessmen Kyriakos Zivanaris and Markos Kyriakides as well as APOEL’s goalkeeper Dionisis Chiotis and the former ace of the Nicosia team Christos Kontis.
Coffee Beanery Europe was established in 2003 for the purpose of creating and developing the coffee shop chain in Cyprus. In June 2007, Laser Investments, a company managed by Lambros Christofi, acquired Coffee Beanery Europe for a consideration of approximately €3,000,000.
CBE opened its first store in Cyprus in late 2007 followed by another store in 2008. In this intermediate period, the management structure required to expand Coffee Beanery in Cyprus and Europe was put into place.
In 2008 the rights to 24 EU countries were purchased. The rights to the UK, Ireland, Greece, Czech Republic, Slovakia, Hungary and Poland have been sold bringing revenues of €9.5 million to the company.
