LONDON, Ont. — Odd Burger has entered into a Letter of Intent (LOI) with Franchise Investment and its parent venture-capital division, Angelpreneur AG, to develop up to 50 new restaurant locations in Florida and in the combined territory of Germany, Switzerland and Austria.
The terms of the LOI provide that the developers will purchase the area development rights for 25 locations in Florida and master franchise rights for 25 locations in Europe. The LOI also provides for franchise fees of $US20,000 per unit sold, royalties of five per cent and an advertising fund fee of 2.5 per cent. If locations are sub-franchised, then the LOI provides that royalties and other franchise fees are to be allocated two-thirds to the developers and one-third to Odd Burger.
“The opportunity to bring vegan fast food to a global audience is exciting for us,” says Farshad Abbaszadeh, CEO of Angelpreneur AG. “Odd Burger brings an efficient model and a delicious and sustainable food experience.”
“We are excited to work with Farshad and his team towards realizing our vision of global change in the fast-food industry,” says James McInnes, co-founder and CEO of Odd Burger.