Caffè Nero

In 1997, American founder Gerry Ford had a vision to bring traditional Italian-style cafés to the streets of London. He started by acquiring five small shops, establishing the Caffè Nero brand with a goal of serving high-quality coffee in a welcoming, neighborhood atmosphere. The company expanded nationally and, in March 2001, listed on the London Stock Exchange, fueling further growth. A significant shift occurred in early 2007 when Ford led a management buyout, taking the company private again to maintain control over its direction. This move allowed Caffè Nero to focus on its core principles and expand internationally into markets like Turkey and the UAE. The business faced a major test during the COVID-19 pandemic. In November 2020, with trading severely impacted, the company entered a Company Voluntary Arrangement (CVA) to renegotiate rents with landlords. Just before the CVA vote, EG Group, run by the Issa brothers, launched a surprise takeover bid, offering to pay landlords' arrears in full. Caffè Nero's board rejected the offer, viewing it as an opportunistic attempt to disrupt the restructuring. Despite the hostile bid and a subsequent legal challenge, the CVA was approved by over 90% of creditors, and the company ultimately fought off the takeover attempt, securing its independence with a major debt refinancing in 2022.