After Russia, Cofix is on its way to Turkey. The company notified the Tel Aviv Stock Exchange today that its subsidiary Urban Cofix Ltd., which holds the company's cafés business, had contracted with a third party to set up a chain of cafés selling coffee and other beverages, baked goods, sandwiches and so on, at a fixed price per product, in Turkey.
Under the agreement, Urban Cofix and the investor will set up a private limited company to be incorporated and registered in the UK, with the investor holding 80% and Urban Cofix 20%. This company will hold 100% of a private company to be incorporated and registered in Turkey that will hold the cafés business in Turkey, using a format similar to that of Urban Cofix's cafés in Israel.
The investor will finance the Turkish company's activity with an owner's loan, while Urban Cofix will provide consultancy services.
In May this year, six months after the opening of the Cofix chain in Russia, Cofix Group announced that it would expand internationally and set up café chains in further countries together with its partner in Russia, and that holding companies would be set up for this purpose.
Published by Globes [online], Israel business news - www.globes-online.com - on August 31, 2017
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