The Brass Tap Celebrates 19 New Deals, Highest AUV in Brand History
The craft beer bar is pursuing expansion into new markets following explosive growth.
TAMPA, Fla., Aug. 19, 2021 /PRNewswire-PRWeb/ -- After securing 19 new franchise deals and shattering AUV growth records in the first half of 2021, The Brass Tap, the nationwide nearly 50-unit craft beer franchise, is planning to build on its recent momentum for even more growth in the second half of the year.
The Brass Tap's AUV* reached nearly $2 million in 2021's Q2, due in part to a series of new openings like the Modesto, California location. The unit pulled in an opening week revenue of $79,000, setting a new company record.
"We are proud to be a brand that was able to find success during the COVID-19 pandemic, and we are excited to continue to ride that wave," said Chris Elliott, CEO of The Brass Tap. "Our record growth is a testament to the hard work of our franchisees and our commitment to provide world-class service across the nation."
The brand anticipates a continued trend of rapid expansion, thanks to its surging customer support at existing locations.
The annualized AUV for The Brass Tap has increased by more than six figures in each of the past three years. The franchise increased its annualized figure by $400,000 from 2019 to 2020, a jump four times larger than its increase in the previous year. The craft beer chain's expected AUV is on track to further this increasing trend, thanks to favorable franchise regard by consumers and an expansion into key markets.
The franchise has signed 19 new deals this year alone. The company has also seen a 6% increase in comps compared to 2019 and a 13% increase when compared to its second quarter of business just two years ago.
"We had plenty of strong outcomes in the past few months throughout our business model, and our immediate success this year has helped lay a framework for more expansion. We are now even more equipped to take on challenges," Elliott said.
Houston and Dallas are primary markets the company has targeted for new prospective locations, and The Brass Tap has received multiple franchisee applications in each city, some deals targeting as many as five units. This is in addition to the already staggering amount of multi-unit deals it has inked in the past several months.
"We are thrilled to see our existing locations doing so well, but we are equally excited about the inquiries we have received from other people looking to join in as a franchisee," said Jamie Cecil, vice president of franchise development for The Brass Tap. "We are in constant contact with more cities and more investors that can push our business to even further heights, and many of those contacts are in markets where we've hoped to expand for a long time."
*$1,900,000 refers to the top quartile of The Brass Tap system.
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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 Green, Mainland, 3125263996, [email protected]
SOURCE The Brass Tap
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