Castle Hill Holdings Investment in Wendy's Yields a 55% Increase.Business Editors ST. LOUIS--(BUSINESS WIRE)--Jan. 10, 2003 WenAmerica, L.L.C., one of the nation's largest Wendy's franchisee's, today announced that since its acquisition in 1998 sales have increased 55%. WenAmerica is an affiliate of Castle Hill Holdings, L.L.C. a St. Louis based investment firm. "We have seen a tremendous increase in sales since our purchase of the Wendy's franchise in 1998," stated Ronald F. Saverin, Castle Hill's Managing Member. "Sales have increased over 55% in the last 5 years, in a business where 3.5% annual increases are considered good and where our major competitors McDonald's and Burger King have been seeing serious sales declines." The first Wendy's opened in the St. Louis market in 1976 and was acquired by the Castle Hill affiliate in 1998. "Our management team has aggressively improved restaurant operations, and our real estate group has implemented a strategy of converting restaurant leases to ownership positions to give us the flexibility to re-image and upgrade facilities," stated Mike Monahan WenAmerica's President. "Our sales increased 55% even though we closed and relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. 17 stores since 1998. It shows the strong power of the Wendy's brand." In addition to a major remodel re·mod·el tr.v. re·mod·eled also re·mod·elled, re·mod·el·ing also re·mod·el·ling, re·mod·els also re·mod·els To make over in structure or style; reconstruct. program, WenAmerica has been relocating stores and building new stores, mostly in its Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. markets. It currently has two new stores under construction due to open in February and April 2003. The Company is in the planning stage for five additional stores in 2003. WenAmerica operates Wendy's throughout Eastern Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. , St.
Louis, Central Illinois Central Illinois is a region of the U.S. state of Illinois that consists of the entire central section of the state, divided in thirds from north to south. It is an area of mostly flat prairie. , Peoria, Champaign Champaign (shămpān`), city (1990 pop. 63,502), Champaign co., E central Ill.; inc. 1860. It adjoins the city of Urbana and is a commercial and industrial center in a fertile farm area. The Univ. , Bloomington, Springfield,
Decatur and the towns surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. these areas serving over 9 million customers annually. The Wendy's franchise system is the third largest quick-service restaurant hamburger chain in the world with more than 6,100 total units. Wendy's is the leading national, high quality hamburger chain in the quick-service segment. |
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