DALLAS, July 7, 2015 /PRNewswire/ -- Dallas-based Pie Five Pizza is quickly becoming America's sweetheart franchise brand with its most recent recognition on QSR Magazine's 2015 list of "Best Franchise Deals." Pie Five, the ambitious offshoot of the 57-year-old 253-unit Pizza Inn chain continues its aggressive growth in the swelling fast-casual, make-your-own pizza category. This recognition follows CEO Randy Gier's win of the EY Entrepreneur Of The Year® 2015 Award for the Southwest region in the Hospitality category. Since Gier was appointed CEO of RAVE Restaurant Group Inc. in 2012, the company's market capitalization has more than quadrupled in size.
Gier attributes Pie Five's strong financials and national drive to its cash return and consistent double-digit same-store sales growth. With this proven business model, the Company currently has Pie Five franchise restaurant development commitments for a total of almost 400 restaurants, in addition to its current 54 operating locations.
"We've been fortunate to continue to attract very seasoned franchise partners who are leveraging the great franchise opportunity in each of their markets," said Gier. "We're opening almost a one to one ratio of company stores because we see the great potential for growth and we plan to be right there, working side-by-side with our franchisees, tackling food and labor costs, enhancing service, and supporting each other on the daily business. With our proven recipe of high quality artisan pizzas, made from farm fresh ingredients baked with lightning speed, we're proud to see so much excitement for Pie Five as we accelerate our nationwide expansion."
Pie Five Pizza's Investment Statistics:
TOTAL U.S. UNIT COUNT: 54 (30 franchised)
FRANCHISE FEE: $20,000
DEVELOPMENT FEE: $5,000
TOTAL START-UP COSTS: $343,500–$479,500
ROYALTY: 6% net sales
RENEWAL FEE: 25% of then-current franchise fee
MARKETING FEE: 2% gross revenues
Pie Five has grown from one location to 54 in less than four years. The growth rate for the past fiscal year alone reached almost 200 percent with extensive development deals in Michigan, Wisconsin, Pennsylvania, Maryland, Delaware, Arkansas, Missouri, Tennessee, Colorado, Kentucky, Indiana, Alabama and Mississippi. This is in addition to company-owned expansion in Chicago, Houston and Dallas-Fort Worth. By the end of calendar 2015, Pie Five anticipates almost 100 locations nationwide.
Pie Five Pizza has been named among Fast Casual's Top "Movers and Shakers" for three consecutive years, a 2012 Hot Concepts winner by Nation's Restaurant News and one of "10 Hot New Restaurant Chains from Established Brands" by Forbes.com.
The unique Pie Five model allows patrons to top their pizzas any way they want for one low price. Pies bake in just 145 seconds in a custom-designed, state-of-the-art oven. By the time the guest arrives at the register, their hot, bubbly, pizza perfection is ready. And whether they select from one of Pie Five's specialty recipes or create their own, it's all the same great price. There are millions of possible pizza combinations Pie Five customers can create with four crusts (including artisan thin, classic pan, whole wheat grain Neapolitan and gluten-free), seven sauces and 28 fresh toppings. Additionally, they can add one of Pie Five's freshly-tossed hand-made salads served in a baked pizza dough bowl or a decadent home-baked brownie or cookie pie to their meal.
ABOUT PIE FIVE PIZZA CO.
Pie Five is a subsidiary of RAVE Restaurant Group, Inc. (NASDAQ: RAVE), based in the Dallas, Texas. RAVE owns, franchises and supplies more than 300 Pie Five and Pizza Inn restaurants operating domestically and internationally. Pie Five Pizza Co. is the leading brand in the rapidly growing fast-casual pizza space, offering individual handcrafted pizzas with fresh ingredients made to order in less than five minutes. For more information, please visit PieFivePizza.com.
Contact: Alexis Linn, MWWPR
SOURCE Pie Five Pizza