According to Ledgers' 2025 Franchise Disclosure Document, the net change in the number of company-owned outlets during 2022 was 0. The table provided in Item 20 shows that at the start of 2022, there were 0 company-owned outlets, and by the end of the year, the number remained at 0. This indicates that Ledgers did not open or close any company-owned outlets during that year.

For a prospective franchisee, this information suggests that Ledgers primarily focuses on franchising as its growth strategy rather than operating company-owned locations. This could mean that the franchisor's expertise and support are geared more towards franchisee success than managing company-owned stores. It also implies that franchisees may not have to compete with company-owned outlets in their territories, which can be a significant advantage.

However, it's important for potential franchisees to further investigate Ledgers' strategy regarding company-owned stores. Understanding why Ledgers chooses not to operate company-owned outlets, and whether this strategy might change in the future, could be crucial for making an informed investment decision. Additionally, franchisees should inquire about the level of support and resources available to them, given the company's focus on franchising.