Coca-Cola is exploring a sale of Costa Coffee, according to two people familiar with the matter, after rising costs and competition from upscale competitors dented the company’s performance.
Coca-Cola bought Costa, the UK’s largest coffee chain, for £3.9bn in 2018 in an effort to diversify beyond its namesake fizzy drinks business. But soaring coffee bean prices have increased its costs.
Coca-Cola chief executive James Quincey told analysts in July that Costa had “not quite delivered” and was “not where we wanted it to be from an investment hypothesis point of view”.
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