July 12, 2013

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Article

Togo's Eateries Signs Agreement for Six Utah Restaurants

Press Release

July 12, 2013

Salt Lake City — Togo's Eateries, Inc., has signed its first multi-unit franchise agreement in Utah. The sandwich chain plans to develop six new restaurants over the next several years in the Salt Lake City area, with the first location scheduled to open in the first quarter of 2014.

"We look forward to introducing locals to our seriously stacked sandwiches that are sure to satisfy the biggest appetites in Salt Lake City,” said Tony Gioia, chairman and CEO of Togo's Holdings, LLC.

First-time franchisee Ben Massimino grew up as a fan of Togo's in California and decided to turn his passion for the brand into a rewarding investment opportunity. As current president and CEO of a real estate development company in Park City, Utah, Massimino hopes to build his portfolio with the sandwich franchise by developing additional Togo's restaurants in other counties in the state.

"As a longtime Togo's fan, I am thrilled to be the first franchisee to bring a west coast favorite to Salt Lake City," Massimino said.

Togo's, which has experienced 11 consecutive quarters of same-store sales increases, is currently seeking qualified multi-unit franchisees that have a passion for the brand and deep connection to their community. Both new and existing Togo's franchisees will benefit from $10 million for remodels and transfers, as well as $5 million to build new restaurants in the state.

At Togo's, traditional restaurants experienced average unit sales in excess of $633,000, with 50 percent averaging over $799,000, and 25 percent averaging over $930,000. To become a part of the Togo's team and be your own boss, candidates should possess liquidity of $150,000 for a single restaurant and a net worth of $300,000. Area developers looking to develop three or more restaurants should have liquidity of $450,000 and net worth of $900,000. Special incentives are available for qualified franchisees interested in opening three or more restaurants.

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