It would be an amazing story if it comes off:
1. Have a business consisting of 40 odd dingy coffee shops which lose money.
2. You use other people to turn the business around by selling them a franchise.
3. Use the money from selling the franchises to open some of your own shops using the fresh new brand created by the franchisees.
I have witnessed what Cafe Nero have done in a few shops on Merseyside(Southport, Formby), they are a great success always seem busy.
I notice Coffee Repunblic now have a cash inflow instead of outflow which is a good job because they only have a bank balance of £878k.
It looks an interesting turnaround and worth a small punt for now.
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