Foodtastic continues its impressive growth with the purchase of L'Gros Luxe and the opening of several new restaurants Français
MONTREAL, Sept. 2, 2020 /CNW Telbec/ - Foodtastic Inc.(www.foodtastic.ca ) is pleased to announce that it continues its growth strategy with the acquisition of le L'Gros Luxe (www.lgrosluxe.com) and Rotisserie de Joliette (www.rotisseriejoliette.com), and its expansion into the Toronto restaurant market with the opening of its newest Big Rig Kitchen and Brewery (www.bigrigbrew.com).
L'Gros luxe, a Québec favorite.
Peter Mammas, President and Chief Executive Officer of Foodtastic, said, "L'Gros Luxe is a great local Quebec brand and we are excited to welcome it into the Foodtastic family. We are happy to be able to help this great concept through this difficult time, which has affected many restaurants and brands. L'Gros luxe has been a Quebec favorite for several years, serving delicious comfort food and great cocktails. Our mission is to help the existing franchisees, through our marketing, operations, and buying power. L'Gros Luxe is the perfect conversion concept for many restaurants, and we are already looking at several opportunities in the greater Montreal area, as well as reopening several locations that closed due to COVID 19. This acquisition of a homegrown Quebec business is consistent with our strategy of acquiring quality brands with growth potential that complement our existing brand portfolio." Said Peter Mammas, President and Chief Executive Officer of Foodtastic.
An important part of the transaction was the retention of Alex Bastide, the creator of L'Gros Luxe, who will retain an equity stake in the concept. "Foodtastic is an amazing company and I'm thrilled to continue being a part of L'Gros Luxe, and its exciting future! With the financial support from Foodtastic we can now expand our operations throughout Quebec." said Alex Bastide.
Rotisserie Joliette
"We are very happy to acquire Rotisserie Joliette, the first rotisserie founded in 1960 by the Benny family. The family continued its expansion throughout the province with the Au Coq and Rotisserie Benny brands, both of which are part of the Foodtastic family" added Mr. Mammas
Supporting Franchisees, a main concern for Foodtastic
The restaurant industry is traversing a very difficult period caused by COVID 19. Many restaurants were forced to close due to the pandemic, and when they were allowed to re-open it was with limited seating. Foodtastic quickly recognized that our franchisees would need all the support and sales they could get, and we quickly transitioned our brands to take-out and delivery. This immediate action coupled with government programs helped many locations to remain open through the early months and minimize their losses. Foodtastic also eliminated franchise fees while dining rooms were closed at all their sit-down locations.
"Deferring royalties, like many other chains did, would have only pushed the financial burden to our franchisees down the road, we felt we had to step up and help them unconditionally and that is what we did by completely forgiving royalties for 3 months."
Foodtastic continues with its expansion strategy
Although the restaurant industry is facing a very uncertain future, Foodtastic is continuing its pursuit to expand its current restaurant system. Foodtastic is very pleased to announce that 6 new restaurants have opened in the last few weeks creating over 200 jobs in Quebec City, Montréal, Gatineau and Toronto.
- Au Coq, 7070 Sherbrooke, Montreal
- Big Rig, 5860 Mavis, Mississauga
- Chocolato, 2 Petit Champlain, Québec
- Monza, 5660 Sherbrooke, Montreal
- Monza Promenades Gatineau
- Souvlaki Bar, 105 Ave Guindon, Saint-Sauveur
"We are very pleased with the work our entire team has done which has allowed us to continue with the opening of new locations. Currently we are focused on growing our Rotisserie Benny and Au Coq brands, and will move forward with the opening of 12 new locations over the next year." Mr. Mammas continued "We realise that the next several months will be challenged for our dining room concepts but believe with the continued help from the government, landlords, and suppliers we will be able to support our franchisees through these difficult times"
4 New restaurants will be also be opening in September
- Au Coq Gare Centrale
- Big Rig Richmond Hill
- La Chambre Blainville
- Chocolato – Delray Beach USA
Acquisitions a major part of the Foodtastic growth plan
Foodtastic has acquired prominent brands over the last 20 months. We will continue to pursue our strategy by investing in acquiring new brands in the next couple years, as well as supporting our existing network." concluded Mr. Mammas
Foodtastic is the franchisor of multiple restaurant concepts including, Au Coq, La Belle et La Boeuf, Monza, Carlos & Pepe's, Souvlaki Bar, Nickels, Rotisseries Benny, Chocolato, Big Rig and Bacaro. Foodtastic is a leader in the restaurant franchising business with over 95 restaurants and $180 million in annualized sales.
SOURCE Foodtastic
Peter Mammas, President & CEO - Foodtastic, Tel: 514.691.5050, 9245 Thimens, Pierrefonds, Québec, www.foodtastic.ca
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