Coffee Nation breaks borders
- From wire reports
RIGA - Latvia's coffee shop franchise Coffee Nation plans to buy a similar chain in Estonia.
Board member Deniss Serstjukovs said Coffee Nation hopes to complete negotiations this year, though he added that immediate progress was not certain.
He refused to specify which Estonian had been selected for acquisition.
When asked whether Coffee Nation had any plans for Lithuania, he said the company was likely to turn to the Lithuanian market after launching operations in Estonia.
Last year Coffee Nation posted 488,500 lats (695,100 euros) in sales, a 17 percent growth from 2004, and incurred a loss, Serstjukovs said, adding the figures were not yet available.
He added that company turnover had increased with a growing number of customers and introduction of new products. The losses were due to the company's expansion outlays.
Coffee Nation plans to post a profit this year and raise sales some 25 percent, said Serstjukovs.
This year Coffee Nation hopes to expand its chain to 12 cafes. At present the company has seven coffee shops and is one of the leading chains in Riga.
Coffee Nation was founded in 2001. It belongs to British company Coffeeheaven Holdings Limited.