London, July 30 - British coffee retailer Coffee Republic said on Thursday its operating business had been bought out of administration by Arab Investment Ltd, a property firm best known for plans to build a London skyscraper.
Arab Investments said in a separate statement that it planned to expand the business, which currently includes 80 outlets -- around 60 in Britain and the rest in countries including Bulgaria and Saudi Arabia.
"I'm delighted that we have agreed the sale of Coffee Republic, rescuing a substantial part of the business and protecting 62 jobs," administrator KPMG said.
It did not disclose the details of the transaction.