Coffee Day Global appoints EY to scout for investment

Bengaluru: Coffee Day Global, founded by the late VG Siddhartha, on Friday appointed EY Restructuring LLP to provide interim business support services and to perform preliminary due diligence procedures to evaluate the potential proposals for investment, according to the company's communication to the stock exchanges.

A subsidiary of the listed Coffee Day Enterprises, Coffee Day global runs the 1,500-store cafe chain, and has been battling hard times after the tragic death of Siddhartha last year. The cafe and vending businesses have been hit after the Covid-19 outbreak.

The company had, in March, cleared a third of its debt to banks and other lenders, with 1,700 crore it received as the first tranche of money from its deal to sell Global Village Tech Park to US private equity firm Blackstone.