Starbucks shutters branch at former Anglo Irish Bank headquarters

Coffee giant Starbucks has closed one of its most prominent branches in Dublin city centre amid reports earlier this year that it is looking for an exit from the market in the UK.

A spokeswoman for the company told The Irish Times that it has no plans to reduce its Irish footprint despite shuttering its store at Stephen Court, the former headquarters of Anglo Irish Bank on Stephen’s Green in Dublin 2.

It is understood the closure is linked to plans by the building’s owner, Irish Life Assurance, to demolish and redevelop the property. Earlier this year, the insurance company lodged a planning application with Dublin City Council, which has requested more information.

In Ireland, the company’s store network is operated under licence by businessmen Colm and Ciaran Butler through their Entertainment Enterprises group.

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The Financial Times reported earlier this year that Starbucks had appointed advisers Houlihan Lokey this year to look at potential options for the sale of the UK business. Accounts filed by the UK company for 2021 noted that Starbucks is “contending with operating cost increases” as well as diminished footfall in urban centres after the pandemic.

A spokeswoman for the company said Starbucks is not in a formal sale process for its UK business.