Papa Murphy's refranchises all Colorado stores
Papa Murphy's is refranchising its 28 Colorado company-owned stores to Fresh Take LLC — owned by Ryan McCallister, Tyler Ross and Brad Seymore — as part of its push to refranchise most of its company-owned properties, a news release said.
By the end of this year, the brand anticipates it will operate about 60 company-owned stores. It plans to use cash from its refranchising to pay down debt and hopes to return to a 95 percent franchise mix by 2020.
"Combined, Ryan, Tyler and Brad have been successful Papa Murphy's franchise owners for 22 years. Their passion for the brand makes them the ideal franchise owners to grow with," Papa Murphy's Executive Vice President and COO Mark Hutchens said in the release. "We are confident that as we execute on our refranchising strategy and focus on our asset-light franchise business model, we will improve the capital efficiency of our company and, in-turn, grow shareholder value. The financial commitment our existing franchise owners are making as they grow through refranchising demonstrates the strong economic opportunity of Papa Murphy's."