Bennigan's/ Steak and Ale

Item 7 lays out a hefty entry: $1,070,815 to $3,658,945 total investment, including a $50,000 franchise fee, covering buildouts for full-service Irish pubs, on-the-fly airport spots, or Steak and Ale steakhouses. Ongoing fees hit 5% royalty plus 1% brand fund, standard for casual dining but burdensome without proven sales volume. No Item 19 means zero official revenue or profit figures from existing units— a red flag in a system this small, as it leaves would-be owners guessing on payback timelines amid $1.19 million average SBA loans across just four deals on record.

System health raises eyebrows: down from 12 to 10 locations in 2023 (-17% growth), with 2 terminations signaling operator exits. Yet Item 20 projects 9 new units, hinting at parent company push via Legendary Restaurant Brands. Franchising only since 2009 with headquarters in Florida, this isn't a juggernaut—low unit count amplifies risks like weak bargaining power, but SBA financing suggests some see upside in themed dining revival. For deep-pocketed risk-takers eyeing turnarounds, it's intriguing; for conservative investors, the opacity and contraction scream caution.