Coffeehouse chain Spot Coffee (Canada) (SPoT) has announced the signing of several new franchise agreements as part of efforts to expand its business.
The coffee chain entered a franchise agreement last month with American supermarket chain Tops Markets to develop its SPoT Express location.
As part of the deal, Topps will start the construction of the SPoT Express location in its supermarket at 3980 Maple Road, Amherst, New York.
According to the coffeehouse chain, the new location will replace the Tim Hortons store at the supermarket and marks the first of many stores to be opened across Tops locations.
Spot Coffee chief operating officer Dan Hensley said: “As a homegrown company in the hospitality industry, SPoT is very proud to partner with Tops Markets, a prominent homegrown company, with whom we share the strong commitment of serving our neighbourhoods.”
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The company has also signed a franchise agreement with Destination WNY to establish a new 2,500ft² SPoT café on 54 Webster Street, in Tonawanda, New York. The company plans to open the new café during the third quarter of this year.
In addition, the coffeehouse chain signed a franchise agreement with Niagara Club to develop a 3,500ft² SPoT café on 24 Buffalo Avenue in Niagara Falls, New York. This café is scheduled to open before the end of this year.
Spot Coffee will develop a café as part of a franchise deposit agreement signed with a franchisee in Victor, New York. The agreement is pending loan approval by the franchisee’s bank.
The company is also currently in talks with another franchisee to establish a SPoT Express in a new upscale development in Tonawanda, New York.
The company is also in talks with New York University to develop a SPoT café within its campus.
Spot Coffee also announced that it has received a $300,000 flex line of credit facility from the underwriters of KeyBank. It has also secured an evergreen line of credit facility of $200,000.