Experienced restaurant franchise owner plans 10 PINCHO locations in the Washington, D.C.-Baltimore area
Veteran Five Guys franchise owner Ned Scherer is planning to build out 10 Pincho locations in the greater Washington, D.C., area. Scherer says he recognized in PINCHO the same promise that captured his attention with one of the country’s most successful better burger franchises. He anticipates opening his first Pincho restaurant later this year in Tyson’s Corner, Virginia.
We are thrilled to have such an experienced operator join our truly unique Latin American grill concept, which currently consists of 11 restaurants in the Miami area. And Scherer is so excited about PINCHO’s investment opportunity, he’s already invited 30 friends and clients to invest along with him, Franchise Times reported.
Here’s what Franchise Times wrote about the deal on its website:
Scherer is a successful CPA and investor who lives in Northern Virginia and winters in Jupiter, Florida. He’s also a longtime Five Guys franchisee with 12 outposts, in Little Rock, Fort Smith, Rogers and Jonesboro, Arkansas, and Knoxville, Tennessee. (A partner named Laurie Lowe oversees them, though she may transition to Pincho development, according to Scherer.)
“I was a big believer in Five Guys. They started a genre and were focused on quality. I said, ‘This has legs,’” Scherer recalls, adding he even made a loan to the Five Guys founding family.
Rolling up capital
Today, he’s a big believer in Pincho, which has (11) units in South Florida. Last spring, Scherer led a group in a Series A round, rolling up the then-seven restaurants and creating Pincho Holdings. Terms of the deal, brokered by Exeter Capital, were not disclosed.
Meanwhile, two experienced restaurant execs—Jim Mizes of Blaze Pizza and Andy Howard of Huey Magoo’s Chicken Tenders—have joined Pincho’s board. Jayson Tipp, a development veteran of Starbucks and Papa Murphy’s, was named CEO and president last year.
“I think it’s going to be big. So I’ve asked a few people to go along with me,” he says about Pincho and referring to the 30 “friends and clients” whom he’s invited to invest in his new franchise.
Scherer concedes real estate in Washington, D.C., is costly and decent locations difficult to find.
“I’ve got people looking,” he explains, “and as soon as we come up with a first location we like, we start building.”
Pincho may wind up in former Taylor Gourmet spaces. The D.C.-based hoagie chain shuttered all 17 units in a Chapter 7 bankruptcy last fall. “We’re looking at a couple of their locations. They’re good,” he says.
Scherer is confident Pincho’s chances at drawing crowds like in Miami are high: “If the food resonates and Laurie operates them, we’re going to do well.”
The PINCHO investment opportunity
If you’ve been looking for something different among the latest new franchise concepts, you need look no further than PINCHO. We’re seeking experienced operators to sign an Area Developer agreement for a minimum of three restaurants. You can get a detailed look at our franchise offering by downloading our free franchise report. Explore our brand on our research pages.