CALGARY — Calgary-based Franworks Group of Companies has completed the purchase of the Boston-based Elephant & Castle (E&C) chain for $22.7 million.
“Elephant and Castle has been in the industry for more than 30 years and has a great reputation among its customers,” said Derek Doke, founder and CEO of FranWorks.
“We look forward to applying our expertise to continue to establish their long-standing brand. This acquisition also serves as platform for further growth of our restaurant brands into Eastern Canada and the U.S.”
E&C opened in Vancouver in 1977 and currently has 19 establishments across Canada and the U.S. with system-wide sales of more than US$50 million.
Franworks, who owns and operates 47 Original Joe’s Restaurant and Bars, made its original bid for the bankrupted chain in November.