Business
Coho Collective Kitchens Provides Further Information Regarding Proposed Acquisition of Purebread
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2023) - Coho Collective Kitchens Inc. (TSX...
About this update from Purebread Brands Inc.
[{"type":"text","content":"Coho Collective Kitchens Provides Further Information Regarding Proposed Acquisition of PurebreadVancouver, British Columbia--(Newsfile Corp. - May 30, 2023) - Coho Collective Kitchens Inc. (TSXV: COHO) (\"Coho\" or the \"Company\") is pleased to provide further information regarding its proposed acquisition (the \"Acquisition\") of Purebread. Bakery Inc. (\"Purebread\").Purebread Financial HighlightsPurebread is one of Canada's most respected independent retail brands with exceptional customer loyalty. Currently, Purebread has six operating locations which generated the following unaudited financial results for the trailing 12 months ended January 31, 2023: Revenue of $10.0M Gross Margin of 70%Adjusted EBITDA of $1.7M(1) (1) This is a Non-IFRS Measure. For a reconciliation of Adjusted EBITDA to Net Income see \"Non-IFRS Financial Measures\" below.For the fiscal year ended September 30, 2022, Purebread generated $9.3M (unaudited) of revenue, which represents a 42% increase compared to $6.6M (unaudited) of revenue for the fiscal year ended September 30, 2021. In addition, Purebread's seventh location will open in June 2023 at Vancouver International Airport with expected annual revenue of $3.5M.Additional information regarding Purebread and the business of the Company following completion of the proposed Acquisition is available in a corporate presentation that has been posted within the Company's investor relations website - https://www.cohocollectivekitchens.com/. Coho Financial HighlightsCoho is Canada's largest shared kitchen space company with nine locations in Western Canada, growing to 18 locations across the country, which represents a $22.0M revenue opportunity by fiscal year 2026[1]. Coho has high brand recognition within target segment, a Waitlist Value[2] at over $3.1M and 98% member retention rate. About CohoCoho is a growth stage, community-driven, commercial real estate and food technology company that provides private and shared kitchen and production space to food companies from start-ups to restaurant groups seeking turnkey solutions and business services. Each of the Company's customers, called \"Members\", are revenue generating companies that have signed a membership agreement with Coho for an agreed upon term. The concept falls in line with a rapidly growing trend in the food-delivery industry creating a mar...