News

Togo's establishes $15 million fund for growth

March 13, 2012

Togo’s Eateries Inc. has announced the formation of a $15 million fund to fuel its development in future years. The funding is available through a franchisee lending program-agreement between Togo's Eateries, Franchise America Finance (FAF) and The Bancorp Bank, a wholly-owned subsidiary of The Bancorp Inc.

With this funding, both new and existing qualified Togo’s franchisees will have access to $10 million for remodels and transfers and $5 million to build new restaurants.

"The Togo's brand is expanding into new and existing markets with an improved prototype that we’re confident is going to bring even greater success to both our new and current franchise partners," said Tony Gioia, chairman and CEO, Togo’s Holdings. "We are especially excited to offer this exclusive fund to our franchise partners enabling them to grow and achieve their business goals."

Togo's experienced an unprecedented year of growth in 2011 with the signing of 23 agreements and the opening of seven new California restaurants, including a company-owned prototype in Pleasant Hill, Calif.

Celebrating its 40th anniversary last year, the 241-unit company launched a strategic plan for expansion. The plan includes remodeling options for franchisees to refresh existing units, while continuing to grow the brand in key growth states including Arizona, California, Nevada, Oregon and Washington. In 2012, 26 franchise locations and two corporate restaurants will open and 80 existing restaurants are planned to be remodeled.