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.
ABOUT US
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