Business
Coho Announces the Opening of Purebread's 7th Location at the Vancouver International Airport
Vancouver, British Columbia--(Newsfile Corp. - June 30, 2023) - Coho Collective Kitchens Inc. (TS...
About this update from Purebread Brands Inc.
[{"type":"text","content":"Coho Announces the Opening of Purebread's 7th Location at the Vancouver International AirportVancouver, British Columbia--(Newsfile Corp. - June 30, 2023) - Coho Collective Kitchens Inc. (TSXV: COHO) (\"Coho\" or the \"Company\"), a commercial real estate and food technology company that provides private and shared kitchen and food production space to a variety of businesses, is excited to announce the opening of the 7th location of Purebread. Bakery Inc. (\"Purebread\") at the Vancouver International Airport (\"YVR\").Previously, on May 29, 2023, Coho announced the execution of a purchase agreement among Coho, Purebread, and Purebread's shareholders, pursuant to which Coho, through a wholly owned subsidiary, would acquire all of the issued and outstanding securities of Purebread (the \"Transaction\"). The Transaction is expected to close on or before July 31, 2023.This expansion marks a significant milestone in Purebread's growth. Located in the international terminal at YVR, Purebread's newest location replaces the previous Starbucks location, positioning Purebread ideally to attract guests from all around the world. With average daily foot traffic at YVR from over 70,000 visitors, Coho believes the newest location's potential for success is high. The YVR location is projected to generate an additional $3.5 million in revenue per year for Purebread, representing a 35% increase in annual income. In its first two weeks of operations, the location has already surpassed financial expectations and is delivering exceptional products and service to the airport's global customers. YVR partnered with Purebread for a marketing campaign for the launch:Instagram videoDaily Hive post\"Our mission from day one remains the same - to bake delicious treats that bring a smile to people's faces,\" said Mark Lamming, co-founder and owner of Purebread. \"From sharing baked goods at a small stand at the Whistler Christmas Market to now serving the millions of passengers who travel through Canada's second busiest airport, this new storefront is an incredible opportunity for our local bakery. We look forward to continuing to create smiles through our sophisticated yet homemade treats at YVR and our six other locations, from Whistler to Vancouver.\"Andrew Barnes, CEO of Coho Collective Kitchens, adds, \"It exemplifies the tremendous growth potential o...