TIM HORTONS HISTORY
Tim Hortons is one of the largest publicly traded quick service restaurant chains in North America based on market capitalization and the largest in Canada based on system wide sales and number of locations. It appeals to a broad range of consumer tastes, with a menu that includes premium coffee, espresso-based hot and cold specialty drinks, including lattes, cappuccinos and espresso shots, specialty teas, fruit smoothies, home-style soups, grilled Panini and classic sandwiches, wraps, hot breakfast sandwiches and fresh baked goods, including our trademark donuts. The Tim Hortons chain was founded in 1964 in Hamilton, Ontario. The chain's focus on top quality, always fresh product, value, great service and community leadership has allowed it to grow into the largest quick service restaurant chain in Canada specializing in always fresh coffee, baked goods and home style lunches. The first Tim Hortons restaurants offered only two products - coffee and donuts. The selection of donuts to enjoy was highlighted by two original Tim Hortons creations, the Apple Fritter and the Dutchie. They became the most popular donut choices in the 60's, and remain two of the most popular today. But as consumer tastes grew, so did the choices at Tim Hortons. The biggest change in the chain's product focus took place in 1976 with the introduction of the phenomenally successful Timbit (bite-sized donut hole), today available in over 35 different varieties. The chain's growth into the 1980's brought about a whole series of new product introductions: muffins (1981), cakes (1981), pies (1982), croissants (1983), cookies (1984), and soups & chili (1985). Sandwiches, which were originally introduced in 1993, were re-introduced as a new and improved line-up of 6 varieties, called "Tim's Own", in 1998. Also, in the 1990's, bagels (1996), flavoured cappuccino (1997), Café Mocha (1999) and Iced Cappuccino (1999) were introduced. In 2003, the Turkey Bacon Club sandwich and Maple Pecan Danish were successful menu additions. In 2005 Tim Hortons introduced, Yogurt & Berries, Cinnamon Roll and Hot Smoothee to the menu. Many new great products were added to the menu in 2006 such as the Chicken Salad Wrap and the hot Breakfast Sandwich (eggs, sausage or bacon, processed cheese on a toasted home style biscuit). The chain's biggest drawing card remains its legendary Tim Hortons coffee. To ensure the coffee is always fresh, Tim Hortons serves its coffee within 20 minutes of being brewed or it's not served at all. The premium blend is also available in cans, as are Tim Hortons hot chocolate and flavoured cappuccinos, allowing guests to enjoy these great tasting products at home.
GLOBAL RESTAURANT SYSTEM DEVELOPMENT
The first Tim Hortons restaurant was opened in 1964 by Tim Horton, a National Hockey League All-Star defenseman. In 1967, Tim Horton and Ron Joyce, then the operator of 3 Tim Hortons restaurants, became partners and together they opened 37 restaurants over the next 7 years until Tim Horton’s death in 1974. Mr. Joyce became the sole owner in 1975. In the early 1990s, Tim Hortons and Wendy’s, now owned by The Wendy’s Company (“Wendy’s”), entered into a partnership to develop real estate and combination restaurant sites with Wendy’s and Tim Hortons restaurants under the same roof in North America. In 1995, Wendy’s purchased Mr. Joyce’s interest in the Tim Hortons system and incorporated the company known as Tim Hortons Inc., a Delaware corporation (“THI USA”), as a wholly owned subsidiary. In 2006, Tim Hortons became a standalone public company pursuant to an initial public offering and a subsequent spin-off of its common stock to Wendy’s stockholders through a stock dividend on September 29, 2006. Tim Hortons restaurants operate in a variety of formats. Tim Hortons’ standard restaurant locations typically range from 1,000 to 3,080 square feet. The non-standard restaurant locations include small, full-service...
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