According to the Beehive Homes long-term debt, who is the subfranchisor?

According to Beehive Homes' 2025 Franchise Disclosure Document, the company has extended credit to sub-franchisors. The document indicates that two customers accounted for 28%, 38% and 28% of trade receivables at December 31, 2024, 2023, and 2022, respectively. For the year ended December 31, 2024, one customer accounted for 14% of total revenue. For the years ended December 31, 2023 and 2022, two customers accounted for 30% and 32% of total revenues, respectively.

This suggests that a significant portion of Beehive Homes' revenue and trade receivables is concentrated among a small number of sub-franchisors. This concentration could pose a risk to Beehive Homes if one or more of these sub-franchisors were to experience financial difficulties or terminate their agreements. Prospective franchisees should be aware of this concentration and its potential impact on the financial stability of Beehive Homes.

It is important to note that the specific names or identities of these sub-franchisors are not disclosed in this excerpt. A prospective franchisee may want to inquire with Beehive Homes about the identities of these sub-franchisors and their financial health to gain a better understanding of the risks associated with this concentration.