Potbelly Corp. has refranchised eight New York City restaurants to United One Group as part of a development deal that calls for 13 new units over the next eight years, the company announced Monday.
The Chicago-based sandwich brand said United One Group acquired the eight existing Potbelly locations in New York City.
United One Group is led by Paramjit Josan, CEO, and Manny Singh, chief development officer. “Combined, the UOG team has over 75 years of restaurant experience, developing and operating fast casual, quick service restaurants, and sandwich-specific brands as well as other hospitality-focused businesses,” a Potbelly representative said.
The ownership of the eight existing restaurants has transferred, the company said.
Bob Wright, Potbelly’s president and CEO, said in a statement: “I am excited to announce Potbelly’s expansion in New York City, one of the premier markets in the U.S., and that this expansion includes our first refranchise transaction. This agreement marks an important milestone for our franchise growth acceleration initiative as we expand Potbelly’s footprint across the country.”
Of the Potbelly deal, Josan said: “We look forward to using our depth of experience in New York City and within the restaurant sector to strategically develop Potbelly locations in the New York City area and expand upon its leading brand positioning.”
Potbelly announced its franchise initiative in March 2022, targeting 85% franchised units over the next 10 years. The brand also plans to refranchise about 25% of its company-owned shops.
Potbelly, founded in 1977, has 479 locations. About 45% of those are franchised.
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