Potbelly finalizes multi-unit development agreement, refranchising deal in NYC

Potbelly Corporation announced it has finalized a multi-unit development agreement along with its first refranchising deal in New York City. This agreement includes multi-unit development for 13 new shops over the next eight years, and the refranchise of eight shops, the ownership of which has been fully transferred. United One Group acquired the eight existing Potbelly locations in New York City, and additionally committed to developing 13 new shops over the next eight years. UOG is an experienced franchise group, led by Chief Executive Officer Paramjit Josan and Chief Development Officer Manny Singh. Combined, the UOG team has over 75 years of restaurant experience, developing and operating fast casual, quick service restaurants, and sandwich-specific brands as well as other hospitality-focused businesses. Additionally, UOG has deep experience in the Manhattan region and real estate market. As part of the Franchise Growth Acceleration Initiative announced in March 2022, Potbelly plans to reach 2,000 units with at least 85% of those being franchised shops over the next 10 years. The brand also plans to refranchise approximately 25% of its company owned shops in conjunction with Shop Development Area Agreements.