The `Behind Closed Doors` hitmaker has been working on the new venture for some time, and has now confirmed his first store will be opening its doors before the end of the summer.
He revealed in his new! magazine column: "I can officially reveal the name for my new coffeeshop chain - The New York Coffee Club (or NYCC for short).
"I can`t take any credit though, as my brother Mike thought of it.
"When I first had the idea of opening a shop, we were actually in New York together, so that`s how he came up with it.
"We`re meant to be opening the first one in East Grinstead in ten weeks, so fingers crossed it`ll be ready in time."
Peter recently admitted he hopes to open a whole chain of shops if his first one in East Grinstead, South East England, is successful.
He said: "I`m opening a coffeeshop very near where I live in the next couple of months and I`m really excited about it. It`s going to be in East Grinstead and I`m looking for some talented baristas to work there.
"I`m hoping it`ll be a chain eventually, but at the moment I just want to focus on the one shop. It makes sense for it to be near my house so that I can pop in and help out whenever they need me there!"