What is the name of the company whose consolidated balance sheets are presented for Benihana?
Benihana Franchise · 2024 FDDAnswer from 2024 FDD Document
THE ONE GROUP HOSPITALITY, INC. Notes to Consolidated Financial Statements
Note 1 – Description of Business
The ONE Group Hospitality, Inc. and its subsidiaries (collectively, the "Company") is a global restaurant company that develops, owns and operates, manages and licenses upscale and polished casual, high-energy restaurants and lounges and provides turn-key food and beverage ("F&B") services for hospitality venues including hotels, casinos and other high-end locations. Turn-key F&B services are food and beverage services that can be scaled, customized and implemented by the Company at a particular hospitality venue and customized for the client. The Company's primary restaurant brands are STK, a multi-unit steakhouse concept that combines a high-energy, social atmosphere with the quality and service of a traditional upscale steakhouse, and Kona Grill, a polished casual bar-centric grill concept featuring American favorites, award-winning sushi, and specialty cocktails in a polished casual atmosphere.
As of December 31, 2023, the Company owned, operated, managed or licensed 65 venues including 27 STKs and 27 Kona Grills in major metropolitan cities in North America, Europe and the Middle East and 11 F&B venues in four hotels and casinos in the United States and Europe.
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
According to Benihana's 2024 Franchise Disclosure Document, the consolidated financial statements include the accounts of The ONE Group Hospitality, Inc. and its subsidiaries. This means that the financial performance and position reflected in the statements represent the combined results of The ONE Group Hospitality, Inc. along with any companies it controls or owns.
For a potential Benihana franchisee, this is important because it provides insight into the financial health and stability of the parent company, The ONE Group Hospitality, Inc., rather than just the Benihana brand in isolation. Understanding the overall financial performance of the parent company can help a franchisee assess the level of support and resources that might be available to them.
The ONE Group Hospitality, Inc. operates and manages upscale restaurants and lounges. Their primary restaurant brands are STK and Kona Grill. As of December 31, 2023, the Company owned, operated, managed, or licensed 65 venues including 27 STKs and 27 Kona Grills in major metropolitan cities in North America, Europe, and the Middle East and 11 F&B venues in four hotels and casinos in the United States and Europe.
It is typical for franchise systems to present the consolidated financial statements of the parent company, as this gives a more complete picture of the financial strength and resources behind the brand. A prospective franchisee should carefully review these statements and consider seeking professional financial advice to fully understand the implications for their investment.