second cup coffee chain sold for $14M to Quebec restaurant owner Foodtastic
Is Second Cup out of business?
In February 2021, aegis brands agreed to sell Second Cup to Quebec-based Foodtastic Inc. for an undisclosed sale price which included $14 million in cash. Aegis will continue to operate bridgehead coffee and Hemisphere Cannabis Co.
Is Second Cup profitable?
Revenue of Second Cup in Canada 2010-2019 The canadian specialty coffee retailer reported approximately 27.04 million Canadian dollars in total revenue in 2019 , up from approximately 25.71 million Canadian dollars the previous year.
Is Second Cup a private company?
We will continue to build upon our proven model of growth through local Regional Franchise partners. The Second Cup Coffee Company Inc., a privately owned Canadian company , owns and operates the Second Cup International global trademarks.
Is Second Cup Canadian owned?
Second Cup is Canada’s largest Canadian-based specialty coffee retailer , operating more than 360 cafés across the country, with its headquarters located in Mississauga, Ontario. It was founded in 1975 by Tom Culligan and Frank O’Dea.
What happened to Second Cup stock?
says it has signed a deal to sell its Second Cup Coffee Co. operations to Quebec-based Foodtastic Inc The company says the sale price includes $14 million in cash, plus a post-closing earn-out.
Why did Second Cup close?
The Second Cup Ltd. is planning to close more underperforming cafés and will begin selling its coffee in grocery stores as the trend of more people working from home during the pandemic continues to affect coffee-shop sales The Mississauga-based company announced its plans friday as it reported second-quarter results.
Is Second Cup struggling?
Second Cup has been struggling amid increased competition from both high-end coffee purveyors and fast-food chains offering caffeine jolts. It recently launched a strategic review of the company and announced plans to sell recreational cannabis.
How much does a Second Cup franchise make?
Franchise revenue was $17,829 for the Year (2017 – $15,074) , an increase of $2,755. The increase is primarily due to the consolidation of Co-op Fund contributions of $3,031, offset by lower royalties and coordination fees as a result of a lower number of franchise cafés.
What happened Second Cup?
The Second Cup Ltd. changed its name to Aegis Brands as part of a plan to diversify beyond coffee shops. In addition to Second Cup, Aegis Brands owns the Ottawa-based Bridgehead coffee shop chain and Hemisphere Cannabis Co.
Is Second Cup high quality?
At Second Cup Café, we believe that our premium, specialty coffee deserves the highest quality food offering We partner with local best in class bakeries and food suppliers across the country to provide premium quality food made fresh locally and delivered fresh to our cafes.
How many employees does Second Cup have?
Company Description: Second Cup is located in Richmond Hill, ON, Canada and is part of the Restaurants and Other Eating Places Industry. Second Cup has 15 total employees across all of its locations and generates $730,635 in sales (USD).
Is Second Cup fair trade?
Second Cup coffees are Rainforest Alliance Certified, Fair Trade Certified and/or Certified Organic. Products that meet the Clean Label standard will be marked with a unique symbol on Second Cup’s menu boards.
Who is Second Cup target market?
The chain now counts baby boomers who grew up with Second Cup among its biggest clientele, he said. But millennials are an important customer segment, making up 29 per cent of all restaurant visitors, he added.
Who bought bridgehead?
The Ottawa-based Bridgehead coffeehouse chain has been bought by Aegis Brands , the parent company of Second Cup Coffee Co., for $9.5 million. Bridgehead locations will continue to operate under the Bridgehead name, and its head office will remain in Ottawa, according to a joint statement released Thursday morning.
Do Second Cup rewards expire?
Gift Card balances do not expire In the event you return all or any part of an Eligible Purchase (as permitted under the then current Second Cup return policy) for which you earned Points, the Points earned in respect of such return shall be deducted from the Rewards Card used to make the returned purchase.
How many countries is Second Cup in?
Second Cup began brewing in 1975 in Toronto, Ontario and has expanded globally to 40 regions worldwide with more than 250 cafes operating internationally.