AmRest takes over Starbucks in Germany

WSE-listed restaurant chain operator AmRest has signed a deal with Starbucks Coffee Company to take over 144 Starbucks brand restaurants in Germany for an estimated €41 million, the company said in a filling. The deal will come into life on May 23 and the final price will be settled upon the finalization of the agreement, which is expected to occur on May 22. AmRest wants to triple the number of Starbucks outlets in Germany. At present, there are 158 Starbucks restaurants in Germany, of which 144 are owned by Starbucks Deutschland and are the subject of the deal.  The firm's estimated 2015 revenues stood at €131 million, on which it generated a €6 million EBITDA AmRest will be paying a licence fee in the amount of 6 percent of revenues of each Starbucks restaurant in Germany to the owner of the brand and a $25,000 one-off fee for opening a new restaurant. The group will also bear the cost of local marketing spending: the annual fee will amount to 4 percent of sales revenues in the first year of the agreement, the Polish Press Agency said.