Scottsdale, Ariz.-based P.F. Chang’s Chinese restaurant chain likes what it sees in the franchising potential of the new restaurant concept, “True Food Kitchen”:http://www.foxrc.com/true_food_kitchen.htmlâ€”likes it well enough to loan $10 Million to its developer, Fox Restaurant Concepts.
True Food Kitchen is currently a one-off restaurant in Phoenix, with a focus on wellness. Its menu was developed in conjunction with best-selling author and well-known wellness guru, Dr. Andrew Weil. According to the story by David Farkas on ChainLeader.com, the menu features locally grown organic produce, wild or sustainably harvested fish, and hormone- and antibiotic-free chicken, turkey and beef.
The loan will facilitate the building of four or five True Food Kitchen restaurants over the next five years and is convertible at P.F. Chang’s option into a majority equity stake.
Sam Fox, president and CEO of Fox Restaurant Concepts, emphasizes that P.F. Chang’s will not be involved in decisions as the True Food Kitchen concept goes forward. â€˜They believe in the concept and are leaving it up to us to figure things out as we move forward,â€™ Fox says in the Chain Leader story.
If this venture succeeds, expect to see more well-heeled restaurant companies investing in emerging chains and new independent restaurants with franchise potential.
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