Spicy Pickle Franchising Inc.'s CEO Mark Laramie has presented an update and annual report in regard to the company’s growth and development.
The company invested more than $1.2 million from May 2010 to April 2011 to restructure and reorganize after several years of franchise and financial loss.
"We believe the company has reached a pivotal moment in its history. We are now experiencing the culmination of a year's planning and efforts for both our brands,” Laramie said. “We invested considerable time and resources positioning us for the future, and are now shifting from the conceptual phase to the launch phase.
"From a corporate viewpoint, our management team and staff are first rate, and our organizational structure is now highly cost efficient. Our Board of Directors is strong and provides great oversight and guidance. Our funding is secured and our financial position is steadily improving, largely due to the commitment and investment by some of our long term board members.
The company also owns BG Urban Café, based out of Vancouver, Canada, and has spent the last year on research and development for both brands. (Read also, Spicy Pickle growth prospects sweeten for 2011.)
“The result is both our brands have undergone extensive modernization and improvements in décor, menu development, product quality, operational consistency, supply chain efficiency, cost of entry capitalization expense, advertising and branding methods, and most importantly sales and profitability,” Laramie said.
For the Spicy Pickle brand, a new image and store design will be unveiled May 9 at its River Oaks franchised location in Houston. That same day, a newly redesigned BG Urban Café will open in Vancouver. The company also will launch an online ordering platform in May for Spicy Pickle.
“Additionally, we have four more new reimaged SPSC franchised locations in various stages of construction, and all are scheduled to open in 2011,” Laramie said. "Furthermore, we have embraced technology as a pillar of branding and advertising for the future. We partnered with Mobile Fusion for our mobile advertising integration platform and Munchaway for our online ordering capabilities. Both are leading edge providers in their fields. Likewise, BGUC will institute these programs later this year.”
Moving forward, the company will continue with its franchise effort both in the United States and internationally for both concepts.
