PORTSMOUTH, NH /24-7PressRelease/ -- There is a bright future ahead for Margaritas Mexican Restaurants, a popular restaurant and lounge that's developed a loyal following throughout New England for the past 24 years. On the heels of launching its first ever franchising program, Margaritas Mexican Restaurants have earned a top 10 position in this year's Restaurant Business' Future 50, which ranks the fastest growing chains with sales of $25 million to $50 million.
The Restaurant Business' 2010 'Future 50'R list ranks the top franchises in the restaurant industry based on percent change in sales and units open from 2008 to 2009. With data researched and compiled by restaurant consulting firm Technomic, Margaritas was ranked ninth.
"Being included in such a prestigious ranking is an immense honor for everyone associated with Margaritas Mexican Restaurants," said Bob Hoffmeister, President and COO of Margaritas Mexican Restaurant Group. "Being recognized like this provides us all with the validation that our hard work is paying off."
Margaritas has outpaced competitors in the casual dining segment, demonstrating solid unit-level economics fueled by a $2.3 million average unit sales volume, a beverage-to-food sales ratio of 45 percent and a 24.8 percent EBITDAR, which falls into the top tier of its peers.
"This ranking is yet another reason why we are so excited to be launching a franchise program for the first time," Hoffmeister said. "We want to give entrepreneurs up and down the Atlantic seaboard the opportunity to share in our success."
Since its founding in 1986, Margaritas has grown to 21 locations in Massachusetts, New Hampshire, Maine and Connecticut. Offering made from scratch Mexican cuisine, each Margaritas restaurant is a gallery of hand-crafted Mexican artwork. To ensure the restaurant reflects present-day culture with a respect for history, Margaritas founder John Pelletier travels to working artists and manufacturing towns in Mexico to select hundreds of crafts, handmade tiles, pottery and carved tables and chairs.
Contributing to the restaurants appeal are the freshly made Margaritas, which come in 15 different flavors, including strawberry, sour apple, mango, pomegranate, mad melon, raspberry...and of course "The Original Margarita."
Margaritas is targeting high-profile, multi-unit franchisees that have a strong community presence, capital and proven business experience.
Founded in 1986 by John Pelletier, Margaritas Mexican Restaurant Group has 21 locations throughout Massachusetts, Maine, New Hampshire and Connecticut. From colorful authentic decor to a commitment to community relations through field trips and visiting artist demonstrations, Margaritas provides an atmosphere rich with the culture and flavors of Mexico. In 2009 Margaritas restaurants had a 24.8% EBITDAR, which is significantly higher than most restaurants in the segment. Margaritas Mexican Restaurants have earned numerous awards and honors, including being named the Best Mexican Restaurant in both New Hampshire and Connecticut. Margaritas is franchising for the first time.