VANCOUVER — Boston Pizza International Inc. recently added 13 new full-service restaurants — opened across Canada in 2016 — to the Boston Pizza Royalties Income Fund. Two full-service restaurants, which closed permanently in 2016, were removed from the fund. With these adjustments, the company’s royalty pool now includes 383 Boston Pizza restaurants. In addition, 2016 marks fifteen consecutive years that Boston Pizza has added new restaurants to its royalty pool.
“We are very pleased with the 13 new Boston Pizza restaurants opened in 2016, including five in Western Canada, six in Eastern Canada and two in Quebec,” says Mark Pacinda, president and CEO of Boston Pizza International Inc. “These new locations further strengthen our position as Canada’s number-1 casual-dining brand. Since the inception of the fund, 229 new Boston Pizza restaurants have been added to the royalty pool, growing from 154 locations in 2002 to 383 locations across the country today.”
The new restaurants are expected to have a combined annual revenue of $19.8 million in 2017. The two restaurants that closed in 2016 put the QSR at an estimated revenue loss of $1.4 million in the new year.