By YOURI KEMP
Tribune Business Reporter
ykemp@tribunemedia.net
The Arawak X crowd funding platform is looking to deliver $2.7m for a new Red Lobster franchise.
Chris Mortimer, chairman and chief executive officer of Red Lobster Bahamas, speaking at the launch of his company’s listing on the Arawak X platform yesterday, said that during his 20 year experience in the food and beverage industry he is excited to bring to this new operation to the country.
The Red Lobster Bahamas will be operating formally under the Pinnacle Franchise Brands and has a location ready to open in the near future at the Mall at Marathon and the second branch by Q1 next year in the new downtown Nassau Cruise Port.
Mr Mortimer said: “Pinnacle Franchise Brands has a team of local and international experts and advisors with years of experience in the entertainment and food industry. They have managed companies that have produced multi-million dollar revenues and are looking to sue the expertise to bring you this wonderfully new and beloved franchise.
“Pinnacle Franchise, through the Red Lobster brand is looking to provide a sweet food franchise in The Bahamas and the entire Caribbean that provides affordable customer oriented services where you can enjoy dining out as an individual, family or group that still has a reasonable cost for its value provided. “
Pinnacle is looking to raise $2.7m that will be utilised for construction, purchasing equipment and other furnishings for the restaurant.
This is where the Arawak X crowd-funding platform will be vital for Red Lobster’s development and expansion as Pinnacle Franchise was listed on the crowd-funding platform yesterday, making them eligible to raise that money through the platform and have investors take an equity interest in the company.
Investors will be given share certificates for the amount of stock they buy in the company through the platform.
Calling this a “watershed moment,” Mr Mortimer added: “This should be congratulated as it is something that this country needed so desperately for such a long period of time.
He also said: “The beauty about today is that Bahamians far and wide are going to be able to benefit financially in a brand that they know and love and accumulate shares and decisions in a company that will be beneficial for themselves and for their family over the long term.
“This is truly an opportunity for us to connect with everybody out there who wants to be a part of Red Lobster.”
Mr Mortimer added: “I also wish to say that in other territories such as Jamaica, Trinidad, and the Dominican Republic that we already have individuals who are ready for those territories as well.
“So the benefit for the Bahamian investor, or any investor is that not only will they benefit in what we do in The Bahamas, they will also be able to benefit as we bring on stream that Red Lobster brand in all of those territories.”
Comments
tribanon 2 years, 8 months ago
This will be a venture doomed to failure. The Red Lobster brand in the US market place has been in a state of decline for over a decade now. Small wonder they are looking oversees for greener pastures, but they will not find the 'green' they're looking for in The Bahamas.
Just google "decline of the Red Lobster brand" and read for yourself why it's a dying brand.
I personally haven't been to a Red Lobster restaurant in well over a decade. There's just an abundance of other much better seafood eating establishments in the US market place at the same price point.
DonAnthony 2 years, 8 months ago
Negativity incarnate.
tribanon 2 years, 8 months ago
ZZZZZZZZzzzzzzzz.......
Bobsyeruncle 2 years, 8 months ago
I was thinking exactly the same thing
tribanon 2 years, 8 months ago
You guys really need to get over your infatuation with me. You had an opportunity to defend or give your view of the venture and the brand but instead chose to remain fascinated with me. lol
Bobsyeruncle 2 years, 8 months ago
WTF, I was actually agreeing with you, not DonAnthony !! Follow the indents on the thread, if your insecurity and ego will let you.
Upfull 2 years, 8 months ago
They're using him to get into the Bahamas so that they can do crawfishing so that they can adjust their prices. It's not a good business the world can see that.
hrysippus 2 years, 8 months ago
I cannot be the only one who remembers the promises made about another chain restaurant by a person connected with this one that happened just before our last general election? Do you remember how those good intentions turned out? WIth such is the road to somewhere paved. I once ate at a Red Lobster inFlorida many years ago. Just once though.
ohdrap4 2 years, 8 months ago
I do not see the point. Lobster and crab meat imports at 45%. Wouldn't he have to buy this from the franchise.
Plus a side effect of the pandemic is a surge of local eateries. Many of them very good.
tribanon 2 years, 8 months ago
For years now Red Lobster in Florida has had a Spanish Wells supplier of crawfish trapped by Spanish Wells fishermen. Perhaps the Bahamas franchisees are hoping to be supplied by that same supplier to avoid the duty that applies to lobster imports from abroad. There are also other local suppliers of Bahamian crawfish like Tropic Seafood but they prefer to deal with their mega bulk buyers in the US that export our crawfish to Europe and the Far East.
I suspect the main problem for this new venture will be the declining Red Lobster franchise brand itself and not so much a reliable supply of duty-free crawfish. Besides, most Bahamians cannot even afford to buy fresh fish at the dock these days, let alone pay to eat expensive seafood in any kind of restaurant. And the cruise ship visitors will eat their seafood in restaurants onboard the ships and hotel guests will be inclined eat their seafood dishes in the hotel restaurants. The more adventurous tourists will prefer buying their seafood dishes from the seafood shacks located in places like Arawak Cay.
Bobsyeruncle 2 years, 8 months ago
Maybe they are targeting the local population and not the tourists & cruise passengers?. How many tourists/cruise passengers go to KFC ? I doubt very many, but KFC franchises seem to do well.
I personally wouldn't back the franchise to be successful. But then again, if I want a good fried chicken dinner, KFC would be the last place I would personally go to. Similarly for a good seafood meal, Red Lobster is last place I would go. Most Bahamians think differently.
baclarke 2 years, 8 months ago
A Restaurant is probably the LAST thing you should invest in during this pandemic... or at lest anything that relies more on indoor dining....
KapunkleUp 2 years, 8 months ago
This is too funny to be true. I can see every person who "invested" $5 into this crowd funding to walk into the restaurant and demand to eat for free because they part owner.
ThisIsOurs 2 years, 8 months ago
Its one of my fears about crowdfunding in the Bahamian context. Im not sure the average Bahamian understands that equity investment makes no promises and its possible to lose everything you invest. As someone said to me the scenario of someone walking up to you in the foodstore and demanding their 500 dollars back is not farfetched. On the other hand, in the hands of knowledgeable investors this could be a very good tool to foster innovation in the Bahamas.
I hope they come out on the good foot
DonAnthony 2 years, 8 months ago
I wish them the best. Red Lobster Bahamas to have 500k shares issued but only offering 119k to the public. So looking for public to fund 100% of the $2.7 million cost for first branch for just 24% of outstanding shares. The owners of the remaining 76% of shares to have a huge windfall with no skin in the game. 🤔
John 2 years, 8 months ago
RED LOBSTER; REVENUE $2.6B INDUSTRY Hotels, Restaurants & Leisure FOUNDED 1968 COUNTRY/TERRITORY United States CEO Kim Lopdrup EMPLOYEES 45,000 FISCAL YEAR END Nov 29, 2020 SALES $2.6B HEADQUARTERS Orlando, Florida
tribanon 2 years, 8 months ago
Once again, if you want the real story on Red Lobster's dismal future, just google "decline of the Red Lobster brand" and read for yourself why it's a dying brand. That said, this might be an ideal investment opportunity for someone like you @John. LOL
John 2 years, 8 months ago
Orlando-based Red Lobster may close a few restaurants, but there are no plans for mass shutdowns as the company works to address its sliding revenue and a $355 million loan amid the coronavirus pandemic. Seafood supplier Thai Union, which bought a stake in Red Lobster in 2016, provided details on an earnings call this month about how the chain of more than 700 restaurants was responding to the pandemic, which has hammered much of the restaurant industry.
Upfull 2 years, 8 months ago
I don't understand why you don't create and open your own franchise seeing that we have a heavy supply of crawfish/lobster.... I don't think bringing in another foreign company is all that good when we can create our own. It shows to the level of lack of thinking and application on the part of whoever.
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