Pizza Inn increases credit facility to grow Pie Five concept

Nov. 1, 2011

Pizza Inn Holdings Inc. has added an amendment and restatement of its term loan credit facility with Amegy Bank to expand the term facility by $4.0 million, providing additional capacity for continued growth of company-owned Pie Five Pizza Co. and Pizza Inn stores.

"Amegy Bank has been a valuable partner in executing the growth plan of our heritage buffet-style restaurant concept and in the growth and development strategy of our new Pie Five fast casual concept," said Charlie Morrison, president and CEO of Pizza Inn. "The expansion in the facility demonstrates confidence from Amegy and Pizza Inn in our new fast casual Pie Five restaurant concept."

Pizza Inn Holdings Inc. is an owner, franchisor and supplier of a system of restaurants operating domestically and internationally under the trademarks "Pizza Inn" and "Pie Five Pizza Co." The company and its distribution division, Norco Restaurant Services Company, are headquartered in The Colony, Texas.

Pizza Inn opened its new concept in June in Fort Worth. Pie Five Pizza Co. features 9-inch pizzas prepared in less than 5 minutes via the High h Conveyor 2020 oven, manufactured by Turbo Chef Technologies. Pie Five's customers walk through a line picking out toppings for their personal pizza, which is then baked before they reach the point of sale.

The concept is smaller than the Pizza Inn buffet restaurants – about 1,250 square feet compared to 4,000 square feet – and offers both sit-down and carry-out options.

Pie Five Pizza Co. opens its second location today in Las Colinas, Texas. Doors open at 11 a.m. and the first 50 guests will eat for free.

Read more about franchising and growth.

Topics: Financing and capital improvements , Franchising & Growth , Operations Management , Ovens , Pizza Inn

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