First Watch Restaurant Announces Brand Expansion via Multi-Unit Franchise Agreements
BRADENTON, Fla. (Feb. 11, 2008) – Investors exploring the restaurant industry will have a unique opportunity in the daytime café space now that First Watch, the Florida-based leader in the breakfast-brunch-and-lunch industry, has announced it will sell key regional franchises in 35 states in 2008.
“We believe that First Watch represents a unique franchise opportunity,” said Kenneth Pendery, CEO of First Watch Restaurants Inc. “The breakfast part of the day continues to experience tremendous growth, and, more than ever, consumers are seeking freshly prepared food, unique and bold flavors and healthier offerings. We’ve been able to develop a loyal following by offering those very things for nearly 25 years.”
First Watch had sales of approximately $72 million in 2007 from existing restaurants and an impressive 24 consecutive years of same-store sales increases, Pendery said. The company opened 10 new company-owned restaurants last year in markets that included St. Louis, Cincinnati, suburban Baltimore, western Pennsylvania and central, southwest and southeast Florida.
Since its inception in 1983, First Watch has become one of the largest privately held daytime-only restaurants in the U.S., with restaurants in 11 states. During 2008 and beyond, the company will expand by opening successful franchise restaurants in both existing and new markets throughout the continental U.S. Requirements of franchisees will include: