Pinnacle Franchise Brands Limited is resolute on seeing its former owner's dream for the Red Lobster franchise in the Caribbean come to fruition, the company's Director James Owen said in an update to investors.

In its first update on the Red Lobster franchise since the death of Chris Mortimer, Pinnacle said it hopes to begin development of the Red Lobster restaurant for Nassau by January of 2024.

The company has already begun to develop the Red Lobster restaurant for Trinidad and Tobago, after securing about $1.7 million in funding through crowdfunding platform ArawakX to begin the development of the franchise throughout the Caribbean.

"Pinnacle Franchise Brands Limited secured an area development agreement with Red Lobster Hospitality in 2020," Owen explained to shareholders.

"This agreement conferred the rights to establish Red Lobster restaurants in The Bahamas, Trinidad & Tobago, Jamaica and the Dominican Republic in the first phase of development.

"At the current time [August 2023], Nassau has a site leased [since April 2022] for its restaurant and awaits permits to commence construction [applied for since August 2022].

"Work on this 7,300-square-foot restaurant should start in January 2024."

According to Owen, the Trinidad and Tobago restaurant has a target opening period of the end of this year. He added that the company is in talks with partners for restaurants in Jamaica and the Dominican Republic, and is hoping to open in Jamaica by 2024 and Dominican by 2025.

Owen said there is also interest in opening in Guyana, though that area is in the "second tranche of the area development agreement".

"These locations will all open as soon as possible, subject to local jurisdiction approvals. However, we will simultaneously opt for the best options at that time, considering various factors and best returns for our shareholders," said Owen.

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