For Immediate Release
Irish Eyes are Smiling on Prime Pubs
…Canadian chain of authentic Irish pubs opens first U.S. location and prepares to unveil new ‘pint-sized’ format as it rolls out strategy for 600 per cent growth over next four years…
Mississauga, ON – September 11, 2008 – Making good on its ambitious growth plans, Prime Pubs, a division of Prime Restaurants, has had a stellar summer opening its first U.S. location and two new Ottawa-area locations as well as preparing to open its first “pint-sized” format in Toronto later this month. The chain says this growth is just the beginning, with 60 store openings planned across North America within the next four years, including five in Canada and five in the United States in 2009.
“Between its authentic décor, delicious Irish-inspired cuisine, innovative beverage program and exceptional hospitality, Prime Pubs is a unique experience that keeps guests coming back,” said Grant Cobb, Senior Vice President of Prime Restaurants’ Pub division. “The growth we’ve seen in the last few months is just the tip of the iceberg: over the next four years the number of Prime Pubs across Canada and the United States will increase by 600 per cent.”
Operating as a family of authentic Irish pubs under the trade-marks of Fionn MacCool's, D'Arcy McGee's, Paddy Flaherty's and Tir nan Óg, 2007 was a banner year for Prime Pubs achieving exceptional same store sales growth of 14.62 per cent. Prime Pubs’ average store revenue of $2.3 million was truly exceptional compared with the Canadian full-service restaurant average of $636,000 in 2007 according to data from Statistics Canada and the Canadian Restaurant and Foodservices Association.
In 2008, Prime Pubs is continuing on its growth track reporting same store sales growth of 4.42 per cent with the close of its second quarter and the chain has no plans to slow down.
“Prime Pubs are outperforming practically every casual dining brand in Canada,” added Cobb. “While our number one priority is always ensuring enjoyable guest experiences, right now our second priority is finding savvy franchisees to help us realize and ride this growth curve and to bring the Prime Pub experience to new markets across North America.”
A highlight of the year to date was the opening of Prime Pubs’ first location in the United States, in Tempe, Arizona, which is being enthusiastically received by
guests. The chain plans to open five new U.S. locations in 2009, including three locations: Buffalo, New York; Tucson, Arizona and Columbus, Ohio by the second quarter.
Later this month, Prime Pubs will unveil its first “pint-sized” format. Opening in downtown Toronto, the pub will feature all of the amenities that guests have come to expect from a Prime Pub, authentic décor, superior service, great food and of course, a perfect pint, within a 2,200 square feet footprint.
“Prime Pubs offers franchisees a variety of flexible and dynamic formats to fit every possible opportunity at investment levels between $500,000 and $1,800,000 from our new ‘pint-sized’ format to our traditional larger Pubs of between 4,500 and 5,500 square feet which are tailored to their unique sites, including the recently opened 2,900 square foot Ottawa International Airport location,” explained Cobb.
In May 2008, Prime Pubs unveiled its first airport location, a D’Arcy McGee’s at the Ottawa International Airport, as well as opening a fourth Ottawa-area location in the suburb of Orleans in June.
About Prime Pubs
Prime Pubs is a family of 11 authentic Irish pubs operating under the trade-marks of Fionn MacCool's, D'Arcy McGee's, Paddy Flaherty's and Tir nan Óg. Prime Pubs serve traditional Irish fare made from authentic recipes that have been developed over generations as well as a selection of contemporary favourites. Interiors of Prime Pubs offer a warm and friendly environment and many pubs feature furnishings that have been imported directly from Ireland. For more information visit www.primepubs.com.
About Prime Restaurants of Canada Inc.
Prime Restaurants of Canada Inc. operates and franchises a diversified portfolio of leading brands of casual dining restaurants and premium pubs across Canada under such trade-marks as: “East Side Mario’s,” “Casey’s,” “Fionn MacCool’s,” “D’Arcy McGee’s,” “Paddy Flaherty’s,” “Tir nan Óg,” “Bier Markt” and “Pat & Mario’s.”
Prime Restaurants Royalty Income Fund is listed on the Toronto Stock Exchange under the symbol EAT.UN. Visit www.primerestaurants.com for more information.
Media Contact:
Katherine Clark / Cathy Cowan
Cowan & Company
416-462-8773 ext. 11
cathy@cowanandcompany.net
