We have advised UK Starbucks franchisee 23.5 Degrees and its shareholders on its sale to Starbucks.
The transaction represents the sale of the entire share capital of 23.5 Degrees by its shareholders, including investor clients of Connection Capital and sees another successful exit for Connection Capital.
23.5 Degrees is the largest Starbucks franchise in the UK, with 114 sites and over 2,000 employees. Starbucks’ acquisition takes the coffee giant’s total number of wholly-owned UK stores to just under 500.
Gateley Legal’s team was led by partner and Nottingham head of corporate Victoria Elliott, supported by corporate partner Matt Hussey, corporate senior associate Jamie Gillespie, corporate solicitors Sophie Holdsworth and Zhuo Li, partner and head of tax James Gopsill, corporate paralegals Callum Bourne, Valerian Beaujot and Elizabeth Cole, trainee tax adviser Oliver Kavanagh and employment legal director Helen Webster.
Victoria Elliott commented: “We are proud to have advised 23.5 Degrees and its shareholders on the sale to Starbucks. We have acted for 23.5 Degrees since Connection Capital’s original investment and are delighted to see the hard work of the management team and faith of Connection Capital and their investor clients rewarded by this transaction. The deal highlights Gateley’s sell-side and private equity exit advisory capabilities and will support 23.5 Degrees and Starbucks in the expansion of its market presence, improving customer experiences across the UK.”