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Noble Roman's Signs 46 Unit Area Development Agreement for Counties Surrounding Columbus, Ohio |
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Indianapolis based Noble Roman's, Inc. (BULLETIN BOARD: NROM) today announced the signing of another Area Development Agreement for 46 units, along with receipt of the development fees, for its dual-branded concepts, Noble Roman's Pizza and Tuscano's Italian Style Subs. |
This newest development territory is for 20 counties surrounding Columbus, Ohio, and includes a development schedule requiring 46 new franchise locations within the territory over the next six years.
Area developers pay a development fee of $.05 per capita in their development area, and receive 30% of the initial franchise fee and 2/7ths of the royalty from the locations developed pursuant to their agreements. Noble Roman's, Inc. retains all training and supervision responsibilities, and must approve all franchisees and all locations. In order to maintain the right to develop their territory, each area developer has to meet the minimum development schedule as stipulated in their Area Development Agreement. The territory covered by this development schedule has a population of approximately 2.1 million people.
The company has franchises in 45 states from coast-to-coast within the United States. In addition, it has sold franchise agreements for US military bases overseas, and for entertainment facilities in Canada. In past years the company's growth strategy was to expand primarily through franchising in non-traditional locations. The company is continuing its growth by franchising non-traditional locations and, in addition, it is also part of the company's strategy to sell dual-branded franchise agreements for traditional locations through both the internal efforts of the company and its area developers.
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