Fish & Chips

Item 7 lays out a steep entry: $1,503,000 to $2,410,000 total investment for leased high-traffic venues, including $50,000 franchise fee. Ongoing fees hit 5% royalty plus 0.5% brand fund and 1% local marketing—standard for food but punchy for a nascent system with just two franchise locations versus three corporates. From one unit in 2023 to two in 2024 marks 100% growth, signaling momentum, but the tiny base raises flags on scalability in a cutthroat fast-casual arena where fish and chips fights for attention against burgers and tacos.

No Item 19 means zero disclosed average revenues or profits, a red flag for investors craving proof-of-concept—especially at this price point, far above typical fast-casual startups under $1M. Without SBA default rates or litigation in the data, the pitch relies on Ramsay's star power and a focused menu of fish, chips, chicken, shrimp, shakes, and beer/wine. For risk-tolerant operators eyeing celebrity branding in Food & Beverage, it tempts; but the absence of earnings transparency demands aggressive due diligence on those early units before committing seven figures.