Rank no.437 – Golden Krust Franchising Inc. – US

Products & Services: Caribbean-style restaurant

Number of Locations: 107

Total Investment: $159.19K – 564K

Founded: 1989

Began Franchising: 1996
About Golden Krust Franchising Inc.

Inspired by Hawthorne & Son’s Bakery, started by his parents in St. Andrew, Jamaica, Lowell Hawthorne, his wife Lorna and four siblings and their spouses pooled their resources in 1989 to open the first Golden Krust in Bronx, New York. By 1996, they had 17 restaurants, all in New York City, and decided to expand further through franchising. Today the company has locations throughout the Northeast and Southeast, all serving its Jamaican and Caribbean meals. Golden Krust products are also sold in supermarkets, hospitals, schools, correctional institutions and other retail outlets.

Where Seeking Franchisees: Franchisor is seeking new franchise units in the following states:
Arizona, California, Delaware, Florida, Georgia, Illinois, Massachusetts, Maryland, Michigan, Midwest, North Carolina, Northeast, New Jersey, New York, Ohio, Oregon, South, Southeast, Southwest, Texas, Virginia, West.
Franchisor is seeking new units in Canada, Western Europe.
Startup Costs, Ongoing Fees and Financing

Total Investment: $159,200 – $564,000
Franchise Fee: $15,000 – $25,000
Ongoing Royalty Fee: 3%
Term of Franchise Agreement: 10 years, renewable
FINANCIAL REQUIREMENTS
Net Worth: $300,000 – $500,000
Liquid Cash Available: $120,000 – $150,000
OPERATIONS
25% of all franchisees own more than one unit. Number of employees needed to run franchised unit: 8 – 8. Absentee ownership of franchise is allowed. (95% of current franchisees are owner/operators).

How This Franchise Supports Franchisees

Training: Available at headquarters: 1 week+. At franchisee’s location: 1 week+. At designated operating store : 1 week.
Ongoing Support: Newsletter, Meetings, Grand opening, Internet, Security/safety procedures, Field operations/evaluations, Purchasing cooperatives
Marketing Support: Co-op advertising, Ad slicks, National media, Regional advertising,
Other marketing support: Radio, TV, newspapers, magazines, billboards

Franchise Ranking History

Franchise 500®: #437 (2013), #402 (2012), #267 (2011),

Overview
Golden Krust Caribbean Bakery & Grill (“Golden Krust”), a privately held corporation, is a manufacturer and distributor of Caribbean food products and franchisor of Caribbean restaurants. The company’s products can be found in its franchises, supermarkets, hospitals, schools, correctional institutions and food service facilities, sporting facilities, other retail outlets and at special outdoor events throughout the United States.
Golden Krust Caribbean Bakery & Grill is the brain-child of Ephraim and Mavis Hawthorne; founders of Hawthorne & Son’s Bakery in St. Andrew, Jamaica and parents of the present owners. They had no idea then, that their dream would one day blossom into a now global business with over 120 stores in nine states.

In 1989, Lowell, President and CEO along with his wife Lorna, four of his siblings and their spouses, pooled all their resources to open the first Golden Krust retail location on East Gun Hill Road in Bronx, NY. By 1996 they owned 17 Restaurants throughout New York City. The business became so successful that the Hawthorne’s were encouraged to create franchises and they seized the opportunity to do just that.

In that same year, Golden Krust became the first Caribbean-owned business in the U.S. to be granted a franchise license. The pivotal year of 1996 signified Golden Krust’s relocation to its plant in the South Bronx, eventually purchasing the entire block from 172nd Street to Claremont Parkway on Park Avenue.

Today, Golden Krust Caribbean Bakery & Grill operates a chain of over 100 Restaurants in nine states (New York, New Jersey, Connecticut, Pennsylvania, Georgia, Florida, Maryland, North Carolina and Massachusetts).

Source: http://www.goldenkrustbakery.com