Vips reduces Starbucks stake

SPAIN’s Vips fast-food chain has sold 49 per cent of its Starbucks Coffee España holding.

Selling back part of the stake to Starbucks Europe, Middle East and Africa (EMEA) “reinforces financial stability and accelerates transformation plans,” claimed Vips CEO Enrique Francia.

The transaction will not influence Starbucks’ day-to-day operations in Spain, as Vips retains a 51 per cent holding in the firm.

Neither will it affect Starbucks Portugal, which remains in the hands of the Spanish group.

The Vips-Starbucks association commenced in 2001 and there are now 82 coffee shops in Madrid, Barcelona, Valencia and Sevilla.

“This agreement demonstrates the solid relation of trust existing between Vips and Starbucks,” said Francia.