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Starbucks says it’s not in formal sale process for UK business

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(Reuters) -Starbucks Corp is not in a formal sale process for its UK business, a company spokesperson said in a statement after The Times reported earlier on Saturday that the coffee chain is exploring a sale of the UK operations. According to the Times report, Starbucks has not initiated a “formal sales process” of its UK business and continues to “evaluate strategic options” for its company-owned international operations. The company faces rising costs and competition from rivals like Pret A Manger, Tim Hortons and Costa, the newspaper said. Starbucks suspended its guidance for the remainder…

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