According to Ledgers' 2025 Franchise Disclosure Document, the net change in the number of company-owned outlets during 2024 was 0. The table provided in Item 20 of the FDD details the systemwide outlet summary for the years 2022 to 2024. For company-owned outlets, the number at the start of 2024 was 0, and the number at the end of 2024 remained at 0.

This indicates that Ledgers did not open or close any company-owned outlets during 2024. This information is crucial for potential franchisees as it provides insight into the company's strategy regarding company-owned versus franchised locations. A stable number of company-owned outlets could suggest a preference for franchising or a deliberate approach to managing company-owned operations.

Prospective franchisees should consider this information when evaluating the overall health and growth strategy of Ledgers. Understanding the balance between franchised and company-owned outlets can offer valuable insights into the franchisor's priorities and potential support systems for franchisees. It is also important to note that while there was no net change, this does not necessarily mean there was no activity; it simply means that any openings were offset by closures, or vice versa.