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Happy Belly Food Group announced it has secured a new real estate location for its Heal Wellness brand in Vancouver's Kitsilano neighborhood. The location, near Kits Beach and lifestyle brands like Lululemon and Whole Foods, is seen as ideal for attracting foot traffic and aligns well with the brand's target demographics, including students from the nearby University of British Columbia. The new location is expected to open in early Q3 2024. This expansion is part of Happy Belly's broader strategy to grow organically and through strategic acquisitions, building on its franchising program's success across Canada.
Happy Belly Food Group announces the opening of the third location of Rosie's Burgers in Toronto's The Well on May 27, 2024. Rosie's Burgers, a boutique QSR brand, serves a variety of classic fast foods. The new location leverages Happy Belly's extensive network of landlords and franchisee groups. The company is in discussions to expand its brand portfolio across Canada, aiming for significant growth in 2024. Happy Belly now has commitments for 300 franchised units across seven brands in Canada, signaling a pivotal year for the company.
Happy Belly Food Group (CSE: HBFG, OTCQB: VGANF) announces its financial results for Q1 2024. The company achieved its 8th consecutive record quarter and 10th consecutive quarter of QoQ growth. Total revenues for Q1 2024 were $1.88 million, a 79% increase from $1.05 million in Q1 2023. Gross profit rose by 62% year-over-year to $0.78 million. Total systemwide restaurant sales reached $5.37 million, driven by organic growth and acquisitions, including Via Cibo and Yolks Breakfast Inc. The QSR and CPG divisions both reported positive EBITDA. Net cash flow from operating activities improved to ($92,499) from ($311,196) in Q1 2023. The company maintains a net working capital of $1.12 million and cash equivalents of $2.18 million. Recent acquisitions and franchise agreements are expected to further accelerate growth.
Happy Belly Food Group has increased its multi-unit franchise agreement for Heal Wellness in British Columbia from 5 to 10 units. The first unit will open shortly. This expansion reflects strong support from current franchisees who are eager to manage multiple units. Sean Black, Chief Investment Officer, attributes this growth to a robust support system, proven business model, and strong brand reputation. Franchisees receive comprehensive training, ongoing mentorship, and resources, reducing entrepreneurship risks and enhancing profitability. This move highlights the franchise's growth and sustained success.
Happy Belly Food Group has signed a new franchise agreement for its Heal Wellness brand in Vaughan, Ontario. Heal Wellness, known for its fresh smoothie bowls and acai bowls, has rapidly expanded to 35 units through franchise and multi-unit agreements in just over a year. This growth spans Alberta, British Columbia, and Ontario, with plans to enter non-traditional venues like universities and airports. The company aims to continue its accelerated growth both organically and through strategic mergers and acquisitions (M&As). The expansion is expected to increase free cash flow, which will be reinvested in corporate store development.
Happy Belly Food Group has secured a lease for PIRHO Fresh Greek Grill's first location in Glenmore Landing, Calgary, Alberta. This is the first of 30 planned locations under an Area Development agreement. PIRHO offers gourmet Greek dishes and aims to become a leading national brand in Canada. The Glenmore area was chosen for its demographics and central location. Happy Belly plans to leverage its asset-light franchising model to quickly scale PIRHO, with the goal of dominating the Greek fast-casual dining sector. Collaboration with Riocan is highlighted as a key factor in securing prime real estate. The company expects this expansion to boost both top-line and bottom-line growth.
Happy Belly Food Group has secured a lease and franchisee for its third multi-branded location in Hamilton's Westdale neighborhood. This location will feature both Lettuce Love Café and Heal Wellness Quick Serve Restaurants, aiming for a Q3 2024 opening. The site will have separate entrances for each brand and will offer indoor seating and a spacious patio. Happy Belly's expansion strategy includes leveraging their experience for organic growth and securing prime real estate. The company anticipates significant growth in 2024, driven by their franchise model and recent acquisitions like Rosie's Burgers and Yolk's Breakfast.
Happy Belly Food Group Inc. announces the expansion of its Heal Wellness multi-unit franchise agreement in Alberta from 5 to 10 units. The increase reflects organic support from franchisees and the success of the franchise program. The company also grants performance stock options and plans to issue shares to its former CFO.
Happy Belly Food Group Inc. announces a 20-unit area development agreement for Rosie's Burgers in British Columbia, following previous agreements in Ontario and Alberta. The company is focused on franchise growth and has commitments for 300 franchised units across seven brands in Canada.
Happy Belly Food Group Inc. appoints former Tim Horton's executive, Gary Fung, as Chief Financial Officer to support the company's accelerating growth in franchising. Fung brings valuable experience in finance, analytics, and franchise profitability. The company is experiencing a surge in signed franchise agreements and organic growth, leading to Fung's promotion. His role involves overseeing financial operations, developing analytics, and driving strategic growth to maximize shareholder value. The move signifies a new phase of growth for Happy Belly as it continues its expansion in the food industry.
