SINGAPORE: The Spinelli Coffee chain will close its remaining six outlets here by the end of 2023, according to a report.
The two branches at the National University of Singapore’s campus will shut on Dec 15, while the outlets at Changi Business Park and One Raffles Quay are understood to be closing soon.
Spinelli’s website indicates that the remaining two branches are at International Business Park and the Singtel Building in Pickering Street.
Spinelli’s sister brand – A Spinelli Joint – has also closed all its Singapore outlets, including those at Aperia Mall, Galaxis, MYP Centre and Ocean Financial Centre, The Business Times reported.
Another operating brand, Brewing Kakis, which specialises in local coffee, has a branch at Standard Chartered Bank in Changi Business Park Crescent, according to Spinelli’s website.
Spinelli incurred losses from 2018 to 2022, according to filings seen by The Business Times. However, the company narrowed its losses in 2022, posting revenue of S$1.8mil, compared with S$1.6mil in the previous fiscal year.
It recorded a net loss of S$839,638 in 2022, down from a loss of S$1mil in 2021.
Spinelli Coffee was set up in San Francisco in 1983 and entered Singapore in 1996 through a master franchise agreement with YTC Corp, a company that owns hotels here and in Indonesia. — The Straits Times/ANN