VAUGHAN, ON, Dec. 10, 2015 /CNW/ - Cara Operations Limited (TSX:CAO) ("Cara") is proud to announce that on December 14, 2015 it will open its 1,000th restaurant.
The restaurant holding the honor of Cara's 1,000th store is a new Fionn MacCool's, an Irish-style pub and restaurant, located in Oshawa, Ontario. Grant Cobb, Sr. Vice President Casual Dining Division at Cara commented, "Not only does this new Fionn MacCool's represent Cara's 1,000th store, it is one of 37 new restaurants Cara is opening in 2015. Cara's new restaurant growth includes openings from Newfoundland to British Columbia and many reflect new modern designs that we are extremely proud of".
Cara is Canada's oldest and largest full-service restaurant company. Of the 1,000 restaurants expected to be open, approximately 11% are owned and operated by Cara and 89% are run by Cara's franchise partners. Ken Otto, President of the Family Dining Division and Chief Development Officer at Cara commented, "I would like to thank our franchise owners, head office associates, and restaurant teams across the entire network for helping us make this happen and for being part of our company as we celebrate this milestone".
Cara's total restaurant count was recently bolstered by its acquisition of New York Fries which is expected to have 159 locations as of December 14, 2015. Bill Gregson, Cara's CEO, commented, "Reaching the 1,000 store mark provides a great foundation for Cara as we strive to grow by 30 to 50 net new restaurants a year".
Certain statements in this Press Release may constitute "forward-looking" statements within the meaning of applicable Canadian securities legislation which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cara or the industry in which they operate, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this Press Release, such statements use words such as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this Press Release. These forward-looking statements involve a number of risks and uncertainties, including those related to: (a) Cara's ability to maintain profitability and manage its growth including SRS Growth, System Sales Growth, increases in net income, Operating EBITDA and Operating EBITDA Margin on System Sales (b) competition in the industry in which Cara operates; (c) the general state of the economy; (d) integration of acquisitions by Cara; (e) risk of future legal proceedings against Cara. These risk factors and others are discussed in detail under the heading "Risk Factors" in Cara's long form prospectus dated March 31, 2015. Cara does not undertake to update any forward-looking information contained in its long form prospectus, except as required by applicable securities laws. New risk factors may arise from time to time and it is not possible for management of Cara to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance or achievements of Cara to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Although the forward-looking statements contained in this Press Release are based upon what management believes to be reasonable assumptions, Cara cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this Press Release.
Founded in 1883, Cara is Canada's oldest and largest full-service restaurant company. Cara is a publicly traded company and it franchises and/or operates restaurant brands including Harvey's, Swiss Chalet, Kelsey's, East Side Mario's, Montana's, Milestones, Prime Pubs, Casey's, Bier Markt, New York Fries and Landing restaurants. As of December 14, 2015, Cara will have 1,000 restaurants across Canada, 89% of which are operated by franchisees. Cara's restaurants are predominately located across Canada with approximately 72% of Cara's total locations based in Ontario. More information about Cara is available at www.cara.com.
The new Fionn MacCool's that will be Cara's 1,000th store is located at 214 Ritson Road North, Oshawa, Ontario
SOURCE Cara Operations Limited