Hurricane Grill & Wings® Announces $10 Million In Financing For New Franchisees
10/10/2012 – West Palm Beach, Fla. (PRNewswire) – Hurricane Grill & Wings has announced today that $10 million in funding from Mount Pleasant Capital is now available to new and existing qualified franchisees. On track to open the 50th location by the end of 2012 and 20 new units in 2013, the family-friendly, island-inspired restaurant will be positioned to achieve its goals, in light of this new financial achievement.
The new financing will provide qualified franchisees with up to 75 percent of the funds necessary to open their location. This initial funding will enable Hurricane Grill & Wings to aid many new entrepreneurs in recognizing their goal of franchise ownership. In addition to providing an opportunity for motivated franchisees, the restaurants provide an evident stimulus to the local economies with up to 40 new jobs per unit, charity partnerships in local markets and aggressive brand involvement at a national level.
"With 2013 already set to be a record year for Hurricane Grill & Wings, this is an exciting moment for both franchisees and our brand," said John Metz, CEO of Hurricane Grill & Wings. "This deal showcases the trust we, as a company have in our ability to choose the right franchise partners that will take advantage of the funding and will utilize it to grow the brand nationally. We see this opportunity as incentive for entrepreneurs seeking to expand their portfolios with an aggressive and emerging concept."
"Our newly initiated lending program with Hurricane Grill & Wings is a testament to the brand itself," said Bob Rodi, Managing Executive, Mount Pleasant Capital. "The Hurricane concept offers qualified franchisees excellent unit economics and ROI. Of equal importance to us, however, is the quality of the ownership and management team and their dedication, not only to the brand, but to the long term success of their franchisees. Hurricane Grill and Wings has exceeded our expectations and we look forward to our partnership with them as the company expands across the US."
Hurricane Grill & Wings has annual unit volumes averaging $1,560,000 for restaurants with over 150 seats and a year-to-date increase in comp sales of 7.5 percent. The average check is $14.70.
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