Financing provides funds for new construction in multiple locations
SCOTTSDALE, Ariz.--16 July 2008-- With $5 million in financing from GE Capital Solutions, Franchise Finance, the new, independently operated concept Bobby's Burger Palace begins construction on multiple locations. The first Bobby's Burger Palace, the brainchild of renowned chef Bobby Flay and business partner Laurence Kretchmer, opens today in Lake Grove, N.Y., on Long Island.
"We always enjoy working with innovative entrepreneurs with a history of accomplishment, making this experience with Bobby and Laurence great," says Scott Tocci, vice president, GE Capital Solutions, Franchise Finance. "Bobby's Burger Palace is a promising concept, and we want to help them grow and prosper."
The new concept loan helps the independently run chain develop and open several locations to introduce Bobby's Burger Palace. Flay, a chef, restaurateur, cookbook author, and television personality, worked with long-time business partner Kretchmer to create the new concept, adding it to their stable of five successful restaurants in New York, Las Vegas, Atlantic City, N.J., and the Bahamas.
"This financing allows us to capitalize on our vision for a new restaurant concept," says Kretchmer, partner, Bobby's Burger Palace. "We're excited to develop a strong relationship with a lender like GE Capital Solutions, Franchise Finance, who demonstrates such in-depth knowledge and extensive experience in our industry."
Bobby's Burger Palace is a "convenient casual" restaurant. The new concept features gourmet burgers, emphasizing influences from different regions of the United States (Dallas Burger, Philadelphia Burger, Miami Burger, L.A. Burger, etc.). Operationally, the restaurants incorporate counter ordering with enhancements including plated food service, delivery to seated guests, and table clearing by the service team. Visit www.bobbysburgerpalace.com for more information.
GE Capital Solutions, Franchise Finance is a leading lender serving customers in the restaurant, hospitality and branded beverage industries. It provides financing to help franchisees and franchisors grow, compete, and prosper. It offers access to capital through a diverse array of flexible financing options, including funds for purchasing real estate or equipment, new construction or remodels, acquisitions, or refinancing.
About GE Capital Solutions, Franchise Finance
GE Capital Solutions, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 30 years of experience and $13 billion in served assets, we serve more than 5,000 customers and more than 22,000 property locations, primarily in the restaurant, hospitality and branded beverage industries. We offer customers access to capital with a menu of products featuring flexible structuring, including financing for acquisitions, refinancing, construction of new units, and remodels for single- and multi-unit operators/chains. More information is available at www.gefranchisefinance.com or by calling toll-free 866-GET-GEFF (438-4333).
GE Capital Solutions provides leasing, lending, and capital investment products and services to help business customers grow. It has more than $100 billion in assets, serves more than a million clients around the world, and is headquartered in Danbury, Connecticut, USA. For more on GE Capital Solutions, go to www.ge.com/capitalsolutions.
GE (NYSE:GE) is Imagination at Work --- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Christine Roe
GE Capital Solutions
[email protected]
1-480-563-6260