Boston Pizza Royalties Income Fund and Boston Pizza International Inc. announced that effective immediately, the fund's royalty pool has been adjusted to include the royalties from 12 new full-service restaurants opened across Canada in 2013.
This marks the 12th consecutive annual increase of royalties payable to the fund. With the adjustment for these openings and closures (two full-service restaurants) during 2013, the Royalty Pool now includes 358 Boston Pizza restaurants.
The fund indirectly owns the Boston Pizza trademarks and trade names used by BPI in its Boston Pizza restaurants in Canada.
"We are very pleased with the 12 new Boston Pizza restaurants opened in 2013, including six in Western Canada, four in Ontario and two in Quebec. These new locations further strengthen our position as Canada's number one casual dining brand," Mark Pacinda, president and CEO, said in a news release. "Since the inception of the fund, the Royalty Pool has added more than 200 new Boston Pizza restaurants, growing from 154 in 2002 to 358 locations across the country today."
Read more about operations management.