Aegis Brands-owned coffee chain Bridgehead has cited returning footfall and increased office working as contributing to revenues of CA $3.2m ($2.5m) in its second quarter
Coffee retailer Aegis Brands has credited increased office working for driving Canadian coffee chain Bridgehead’s sales growth of 36% in the second quarter of 2022.
The 21-strong chain, currently Aegis’ sole brand after it offloaded its Second Cup coffee chain and Hemisphere cannabis businesses, achieved revenues of CA $3.2m ($2.5m) with in-store sales for the period ended 26 June 2022 increasing 50% to reach CA $2.8m ($2.2m).
Bridgehead’s e-commerce trading and wholesale business also reported 30% revenue growth, with further growth anticipated following a recent distribution agreement with Canadian supermarket chain Longo’s.
Bridgehead also distributes branded retail coffee at Canadian grocery and supermarket chains Costco Wholesale, Whole Foods Market, Farm Boy and Sobeys.
“We are excited to begin this partnership and are looking forward to bringing the Bridgehead coffee experience to people across Canada. Our wholesale business is up over 30% over last year and we have only just begun with the marketing and distribution required to realise our targets in this segment of the business,” said Kate Burnett, President, Bridgehead.
In April 2021 Aegis Brands sold Canadian coffee chain Second Cup Coffee to restaurant franchiser Foodtastic Inc. for CA $14m ($11m). It also sold cannabis retailer Hemisphere in September 2021.
The company secured CA $28m ($22.2m) development line of credit (DLOC) from CWB Franchise Finance in December 2021 to finance the acquisition of Canadian food and beverage brands to grow its presence in the market.
“As the company continues to recover from the pandemic, Aegis continues advancing its previously disclosed strategy of pursuing acquisitions in the hospitality/food and beverage space. We have committed to becoming a consolidator of great brands, and we will only pursue companies we believe we can help grow beyond their current trajectory,” said Steve Pelton, CEO, Aegis Brands Inc.
