Turning things around

WHEN Flash Coffee closed its Singapore business last month, it seemed that the worst might be over for the tech-enabled coffee chain. The chain defended its exit and said its regional business is still sound after consolidation. 

But as it turns out, when it rains, it pours – Flash Coffee’s Thailand business was sold off to Turn Capital in November. Elsewhere, the coffee chain’s Taiwan business also shuttered in March, declaring bankruptcy later in May. Turn Capital passed on acquiring the Taiwan business in April.  

The Taiwan bankruptcy mirrors the Singapore one, with Flash Coffee’s holding company being the largest creditor, and staff salaries left unpaid. Flash Coffee’s Taiwan business owes its parent company NT$110.4 million, and owes local staff another NT$3.7 million.