By YOURI KEMP
Tribune Business Reporter
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.”