Hurricane Grill & Wings® Announces $10 Million In Financing For New Franchisees Quickly Expanding Restaurant Concept Spurs More Growth With Newly Available Capital
WEST PALM BEACH, Fla., Oct. 10, 2012 /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. For more information about Hurricane Grill & Wings and franchising, please visit www.Hurricanefranchising.com.
About Hurricane Grill & Wings
Hurricane Grill & Wings® whose trademark is "Live with Flavor®" is known for its uniquely savory chicken wings, offered with a choice of more than 32 signature sauces and flavors. Menu items are cooked fresh to order with high quality ingredients and zero trans fats. Other menu options range from the World famous garlic & parmesan fries and salads to fresh (never frozen) Certified Angus Steak Burgers and Grilled Mahi-Mahi along with a full bar and line-up of craft beers and wine. The original Hurricane Grill & Wings opened in Fort Pierce, Fla., in 1995. There are over 48 locations, including Arizona, Florida, Indiana, Michigan, New York, Pennsylvania and Texas, with additional restaurants planned nationwide.
About Mount Pleasant Capital
Mount Pleasant Capital has been providing financing to the franchise industry and small business community since 1988. The company specializes in under secured franchise loans that do not require real estate or other additional collateral to support the loan. MPC currently offers loans from $100,000.00 to $5,000,000.00 at competitive rates and terms up to 10 years. Through its partnership with a global, Fortune 500 insurance company MPC offers franchise financing in all 50 states, the District of Columbia, and all US territories around the world. MPC works with franchisees of qualified franchise systems providing loans for start up, expansion, and acquisition with a specialty in UNL (ultimate net loss) programs and other franchisor assisted financing.
SOURCE Hurricane Grill & Wings