Company Snapshot: SPoT Coffee Canada Ltd.
141 Adelaide St W, Suite 100
Toronto, ON M5H 3L5
Chairman (Canada): John Lorenzo
CEO (USA): Richard Gress
President: Anton Ayoub
FL, NY, ON
SPoT Coffee is a bit of an anomaly: the Canadian-based, publicly-held (TSX-V: SPP) company has only one location in its home country (although a second Ontario location is slated to open in late November). And unlike many small businesses that develop one market before moving into others, SPoT Coffee has locations in three geographically diverse areas – Ontario, New York, and Florida.
SPoT cafés offer specialty coffee, upscale beverages, fresh baked goods, signature sandwiches, soups, salads and gourmet pizza, cakes, pastries and home baked goods. As a result, its average unit volume is considerably higher at $1,113,000 vs. $777,000 at the more well-known coffee provider Starbucks.
Despite its small current size, the company has large growth plans and expects to be operating 24 new corporate cafes in the Northeastern U.S. and southern Ontario by the end of 2014, with further expansion in Florida through an existing licensing agreement. By the end of 2017, the company anticipates 36 corporate and 36 licensed locations in North America.
In addition to the domestic growth, SPoT Coffee announced an international licensing agreement for expansion into the Middle East, North Africa, United Kingdom, and Ireland to be developed by a Master Licensor to be called SPoT International Limited. The company expects at least 24 new international locations to be operative within the next five years.