May 30, 2011 · 0 Comments
TORONTO, May 30, 2011 (www.hospitalitybusinessnews.com) – Priszm Income Fund reported today that it successfully obtained an Order from the Ontario Superior Court of Justice approving the pending transaction between the Company and Soul Restaurants Canada Inc. to sell most of its operating outlets in Ontario and BC. The aggregate purchase price for the outlets is $42.8 million, before customary purchase price adjustments, with 200 restaurants located in Ontario and BC and 4 restaurants in Quebec included in the sale. The transaction is scheduled to close on May 31, 2011. In addition, the Company closed operations in 30 under-performing locations located in Ontario and BC.
The Company has also obtained an Order approving its previously announced marketing process for the remaining outlets. Offers for the remaining locations were due and received on May 25, 2011.The Company is in the process of reviewing the offers and determining the next steps in the marketing process.
Priszm Income Fund holds approximately a 60 per cent interest in Priszm Limited Partnership, which owns and operates more than 400 quick service restaurants in seven provinces across Canada. The KFC, Taco Bell and Pizza Hut restaurants under Priszm serve more than one million customers a week and employ approximately 6,500 people. Approximately 100 locations are multi-branded, combining two or more of the Fund’s restaurant concepts.