Spot Coffee Ltd. plans to take full ownership of its Rochester location as it expands in Florida and other parts of the U.S. and Canada, officials with the Toronto-based chain announced.
Spot owns 51 percent of the East Avenue cafe, officials said. The remaining 49 percent is owned by Valshire LLC, controlled by Hassan Dahlawi, Spot’s largest shareholder.
Spot has entered into a memorandum of understanding to grant a master license to Valshire, a Florida-based corporation, for the development of at least nine Spot cafes in that state, the company announced Tuesday.
The regional license will allow Spot to develop and refine a broader licensing strategy for expansion in North America, the company said in a statement.
As part of the deal between Spot and Valshire, Valshire will give up its 49 percent stake in the Rochester cafe, the company said. A formal agreement, including corporate and exchange approvals, will be completed by July 31, the statement said.
“With all current locations performing extremely well and our growth plans for the North American expansion program ahead of schedule, now is a great opportunity to begin looking at developing a licensing model for the North American market,” Spot President Anton Ayoub said in the statement.
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