Beef 'O' Brady's and The Brass Tap Close Out Q1 with Exciting Developments Coming Out of a Highly Successful 2022
The sister brands under FSC Franchise Co. are geared up for an impressive 2023.
TAMPA, Fla., April 24, 2023 /PRNewswire-PRWeb/ -- FSC Franchise Co., the parent company of the nearly 150-unit Beef 'O' Brady's restaurant chain and 40-plus-unit bar/eatery concept The Brass Tap, kicked off 2023 with an impressive Q1. During the quarter, the sister franchises celebrated a new location opening and five new franchise agreements signed, ending Q1 with a pipeline of 15 to 20 potential future locations in 2023.
"We're very excited about the first quarter at FSC," said Chris Elliott, CEO of FSC Franchise Co. "Last year was an incredible year for us, so we had some huge rollovers. We were afraid that it would be a very challenging quarter, but we are very pleased with how it turned out. We're looking forward to a great rest of the year."
Beef 'O' Brady's, which had positive first quarter comp sales of 7.5%, signed a deal for one new unit. Margins also improved in the first quarter year-over-year by 200 basis points. Notably, the brand's guest check was up 2.5% and traffic was up 5%. Traffic at Beef 'O' Brady's was primarily driven by the brand's "10 for $10" promotion during which 10 of the brand's meals were $10 each.
"We really believe in value," said Elliott. "Given everybody's challenges with prices going up, people are looking for a deal. The promotion was very successful in driving traffic to our Beef 'O' Brady restaurants."
Meanwhile, The Brass Tap's two year stacked comp is up 14.9% and its guest check was up 2.9% this quarter. The emerging brand also opened a new location in Richmond, Virginia and signed four additional deals. Combined, the sister brands are also working 37 leads with potential for signing this year.
The average Beef 'O' Brady's run rate through the first quarter was $1,550,000, while it was $1,450,000 at The Brass Tap. Additionally, the top quartile of Beef 'O' Brady stores averaged $2,300,000 and the top quartile of The Brass Tap stores averaged $2,100,000.
To support development, the brands are targeting markets such as Dallas and Austin, Texas, and California, where it is experiencing growth.
"We're thrilled about the successes already seen in Q1 and believe 2023 will be the best year in the company's history," said Elliott. "As our brands continue to grow, we continue to set our goals higher."
There is still an abundance of white space open for Beef 'O' Brady's and The Brass Tap as the companies look toward the coming year. Interested investors have a great opportunity to become franchise owners and open a restaurant under the FSC Franchise Co. umbrella.
ABOUT FSC:
FSC Franchise Co. is the industry-leading franchisor behind Beef 'O' Brady's and The Brass Tap, with over 180 locations across the United States. Beef 'O' Brady's, with 143 locations in 21 states, is a family sports pub concept that provides the perfect atmosphere for friends and families to watch the game and grab a bite. The Brass Tap, a craft beer bar and entertainment venue with 43 current locations in 16 states, is known for extensive localized brewery offerings, specialty cocktails and premium wines paired perfectly with a select menu of upscale shareables.
ABOUT BEEF 'O' BRADY'S
Beef 'O' Brady's is a franchise of family sports pubs that provides the perfect atmosphere for friends and families to watch the game and grab a bite. With a focus on providing value without sacrificing quality, the Beef 'O' Brady's menu features delicious family favorites like award-winning wings, fresh Angus burgers, crisp salads, USDA Choice Cut sirloin, and grilled salmon, along with a kids' menu and a full bar for the adults. Beef 'O' Brady's is strongly dedicated to community involvement through ongoing partnerships with local schools, youth sports leagues and other community groups. Beef 'O' Brady's currently operates 140 locations in 21 states. For more information about franchising opportunities, visit http://www.beefobradysfranchise.com/.
ABOUT THE BRASS TAP
The Brass Tap is a Tampa-based craft beer bar and entertainment venue known for its extensive localized brewery offerings, specialty cocktails and premium wines paired perfectly with a select menu of upscale shareables. Every location provides a unique space for social gatherings and entertainment, with an unparalleled atmosphere created through live music, trivia, sports, exclusive beer tastings and tap takeovers. For more than 10 years, The Brass Tap has offered franchise opportunities to qualified operators, continuing to grow its family of nearly 50 bars in 16 states. For more information, visit http://thebrasstapfranchise.com/.
Media Contact
Julie Maw, Mainland, 3125263996, [email protected]
SOURCE Beef ‘O’ Brady’s
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