Gyro Shack announces expansion into Salt Lake City
Salt Lake City — The spit will soon be lit in Salt Lake City as Gyro Shack announced today plans to expand through franchising. Catapulting the concept’s growth is a recent acquisition that is infusing Gyro Shack with financial strength, operational know-how, and proven leadership.
Serial entrepreneurs Mark Urness and Matt Jeffries, now owners of the franchise, have positioned the brand for large-scale growth targeting Salt Lake City and other key regions throughout the southern half of the United States.
“When Mark and I evaluate businesses to invest in, we look for a concept with a solid foundation and strong bones, and for restaurants, of course we have to love the food too,” said Jeffries, who has restaurant operations experience dating back more than 20 years. “We are excited about our recent investment and can’t wait to help bring Gyro Shack to Salt Lake City.”
Urness and Jeffries acquired Gyro Shack after successfully running multiple franchise locations as one of the brand’s first multi-unit franchisees and have built several businesses together over the past decade, including MyBullfrog.com which merged with Go Wireless in 2015, a retail store and service center with 700-plus units.
With nine locations open, Gyro Shack has earned a true fan following, redefining the standards of high-quality, Chicago-style Greek gyros, served fast and made-to-order. The brand’s franchise expansion plans are focused on growth through single-unit and multi-unit deals throughout the United States, with plans to add five franchise locations in 2021.
The attractiveness of the franchise model is only enhanced with its flexible design and small footprint. The drive-thru and delivery option make up 76 percent of existing store revenues, keeping overhead low with just a small portion of the restaurant reserved for dine-in. Locations can range from less than 500 square feet up to 1,800 square feet. As the brand continues to expand into key markets, Gyro Shack is actively seeking qualified single-unit and multi-unit owners looking to invest with a brand in the quick-serve Mediterranean cuisine segment that keeps operations simple.
Ideal franchisees should have three to five years of restaurant experience and must be lovers of Greek food. Single-unit franchisees must have a minimum net worth of $500,000 and meet the minimum liquid assets requirement of $200,000 and multi-unit franchisees must have a minimum net worth of $1,000,000 and meet the minimum liquid assets requirement of $300,000.
About Gyro Shack
Founded by Gus Zaharioudakis, Gyro Shack began as a food truck and two restaurants in former coffee drive-through kiosks. Today, the brand brings its authentic and unique take on the classic Greek favorites to drive-through customers with 9 locations revolutionizing the way customers think about fast Mediterranean cuisine. Using only fresh ingredients, made to order as customers drive up, the brand remains focused on valuing customers’ time and money.