VANCOUVER — As of January 1st, Boston Pizza Royalties Income Fund and Boston Pizza International Inc. have removed four restaurants from the royalty pool, which permanently closed between Jan. 1 and Dec. 31, 2021. The royalty pool now includes 383 Boston Pizza restaurants.
The actual franchise sales of closed restaurants for adjustment date of Jan. 1, 2021 was $18.2 million in comparison to $6.2 million as of Jan. 1, 2022. The cumulative total is $24.7 million. The net franchise sales for adjustment date of Jan. 1, 2021 was $15.2 million compared to $6.2 million on Jan. 1, 2022. Finally, the new royalty and distribution income in respect of the adjustment date of Jan. 1, 2022 is negative $0.3 million (the deficiency being 5.5 per cent of negative $6.2 million franchise sales). On the Jan. 1, 2021 adjustment date, there was a deficiency of $0.8 million.
BPI will be required to make up the cumulative deficiency of $1.2 million in the coming years, and continues to hold a 13.2-per-cent interest in the fund.
