KPMG Restructuring has rebuffed the bid by lifestyle entrepreneur Gordon Richardson, founder of the Beanscene chain of coffee and music houses, to reacquire the chain he founded with a coffee cart in 1999.

Commenting on the news that another party had secured preferred bidder status, Richardson said: "The outstanding level of interest shown in acquiring Beanscene is testament to the unique and enduring appeal of the brand and the fact that another party would appear to have succeeded in putting together a more attractive offer than ours can only be good for the truly exceptional and committed management and staff, who made the brand tick, and the suppliers and creditors whose unconditional support played a massive part in helping the business grow over a nine year period.

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"The key to the future success of the current Beanscene business isn't just about what's paid to acquire the portfolio but what's reinvested in those stores to ensure they maintain a competitive edge in an ever crowding marketplace.

"And of course the fact that One Big Groove will now be going head-to-head with the new owners can only be great news for the brand's incredibly loyal customer base, without whom there would be no Beanscene, by ensuring that the level of the bar is raised another notch in terms of absolute commitment to service, product, quality of environment and the total customer experience."

The news that Richardson's bid to reacquire Beanscene has been snubbed comes just days after he launched Widescreen, a specialist consultancy established to provide bespoke and turnkey services to the retail, licensed and leisure sectors.

(GK/JM)