Toronto Stock Exchange: BPF.UN
VANCOUVER , Nov. 30, 2018 /CNW/ - Boston Pizza International Inc. ("BPI") announced today that Wes Bews will step down as Chief Financial Officer of BPI and will be leaving the company effective December 31, 2018 to pursue other interests. In conjunction with this departure, Mr. Bews will also step down as a Director and the Chief Financial Officer of Boston Pizza GP Inc., the managing general partner of Boston Pizza Royalties Limited Partnership, administrator of the Boston Pizza Royalties Income Fund (the "Fund", TSX: BPF.UN).
Mr. Bews joined T & M Management Services Ltd., a predecessor of BPI, in 2008 and has been the CFO of BPI and a Director and the CFO of Boston Pizza GP Inc. since 2010.
"Wes made significant contributions to BPI and the Fund during his 11 years with Boston Pizza, including, overseeing strong sales and profitability growth at BPI, leading the business technology group through some major projects, effecting several normal course issuer bids for the Fund that have proven to be accretive to unitholders, and playing a key role in the accretive transaction completed by the Fund and BPI in 2015 where the Fund effectively increased its interest in franchise sales of Boston Pizza restaurants in the Fund's royalty pool by 1.5%, from 4.0% to 5.5%" said BPI President, Jordan Holm . "I want to thank Wes for his dedication and service and wish him the best in his future endeavors."
BPI will immediately initiate a search for Mr. Bews' successor. Until a successor is hired, Robert Kirincic , the Vice President, Finance of Treliving Management Services Ltd. (an affiliate of BPI) who has been extensively involved in the financial reporting of the Fund and BPI since 2010, will be appointed on an interim basis as a Director and the Vice President, Finance of Boston Pizza GP Inc. and will oversee the financial management, reporting and investor relations functions of the Fund. In addition, during such interim period BPI will continue to utilize its internal accountants and the resources of external advisors to discharge BPI's financial responsibilities.
The Fund is a limited purpose open ended trust with an excellent track record for investors since its IPO in 2002. The Fund has delivered 18 distribution increases and 196 consecutive monthly distributions totaling $301.8 million or $20.41 per Unit. The Fund earns revenue based on the franchise system sales of the 391 Boston Pizza restaurants included in the Fund's royalty pool.
BPI is Canada's number one casual dining brand with annual gross sales of $1 .1 billion serving more than 50 million guests through over 390 mainly franchisee operated restaurants. The Boston Pizza brand has successfully existed for over 50 years since opening its first restaurant in Edmonton, Alberta in 1964. BPI has been recognized as a Platinum Member of Canada's 50 Best Managed Companies and has been a Franchisees' Choice Designation winner for seven consecutive years.
® Boston Pizza Royalties Limited Partnership. All Boston Pizza registered Canadian trade-marks and unregistered Canadian trade-marks containing the words "Boston", "BP", and/or "Pizza" are trade-marks owned by the Boston Pizza Royalties Limited Partnership and licensed by the Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc.
SOURCE Boston Pizza Royalties Income Fund
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