The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A Bahamian entrepreneur yesterday said he is seeking up to six franchisees at $150,000 apiece to expand his restaurant brand throughout this nation.

Chef Kevin Culmer, chief executive of Tropical Gyros, which successfully raised capital via the ArawakX crowd-funding platform, told Tribune Business he is willing to help prospective franchisees secure the necessary financing.

“We feel, through discussions with persons in various communities on the islands, that Grand Bahama, Abaco, Exuma and Eleuthera are ready for something like Tropical Gyros. There’s an eastern district on New Providence that we are eying that is looking available, and we are also planning on going back downtown,” Chef Culmer disclosed.

Franchisees will be able to select their own locations, and Chef Culmer affirmed he will work with them to access funding via the likes of the commercial banks and government agencies such as the Small Business Development Centre (SBDC) and the Bahamas Development Bank. The latter, he added, has already been approached and indicated a willingness to support the franchise plan.

“Once people respond with an expression of interest, there is a form for them to fill out, which expresses the level of commitment they are looking at. But our franchise is pretty affordable for $150,000 can get you up and running,” Chef Culmer said.

If franchisees do not succeed, Chef Culmer will take over their locations and continue to build the Tropical Gyros brand. He will assume all their debts and financial obligations, and continue to meet these commitments.

He added: “We will tell the institutions that if they falter - if for some reason the franchisees falter - then Tropical Gyros would step in and take over the operation and also the continued payment.

“We don’t want to see the brand fail. So it’s incumbent upon us to ensure that we select the right candidates for franchising. That’s number one; persons who have a commitment and a drive, and a desire to truly become entrepreneurs and make this work.”

The strength of Tropical Gyros’ main Rosetta Street location, and the second site in the JFK Plaza, has given Chef Culmer the belief that a franchisee model can be successful with each location having the ability to make up to $200,000 per year.

He said: “When you look at the trajectory of Tropical Gyros you would have to say that there is some longevity here, and some staying power, and there is customer satisfaction with the product.”

Tropical Gyros also plans to add a food trailer to go along with its two existing locations while it continues to build out the Carmichael Road location. “The food trailer will be here in another three weeks and we are right now in discussions with an organisation to put it someplace, but it is a verbal commitment. We have not gotten it in writing yet,” Chef Culmer said.

The food trailer will be a “full service restaurant on wheels” with the exception of seating inside.