What does the low end of the leasehold improvement estimate for a Crave Restaurant assume?

According to Crave's 2025 Franchise Disclosure Document, the low end of the leasehold improvement estimate assumes that the franchisee has leased a space that previously operated as a restaurant and will be converted into a Crave Restaurant.

Leasehold improvements encompass the costs associated with modifying the leased space to conform to Crave's brand standards and operational requirements. These costs can fluctuate significantly based on factors such as the premises' size and configuration, pre-construction expenses like demolition, and the cost of materials and labor. The FDD notes that these amounts may vary substantially based on local conditions, including the availability and prices of labor and materials.

Conversely, the high end of the leasehold improvement estimate assumes the franchisee is leasing a "vanilla box" space, which requires more extensive improvements. The estimate does not include any tenant improvement allowance that the franchisee may negotiate with the landlord. Franchisees are also required to use Crave's designated supplier as the contractor for the build-out of their Restaurant. If the outlet includes axe throwing, franchisees must use Crave's approved supplier for the design and build-out of the axe lanes.