Richmond, British Columbia--Greg Bay, president of Vancouver, British Columbia-based Cypress Capital Management Ltd., has been selectively buying into a number of new issues in a wide variety of industries, including pizza. Boston Pizza Royalties Income Fund (BPFun/TSX), which was listed in mid-July and whose shares have sold for as high as $6.90, is one that has caught Bay's attention. The trust was formed to allow Boston Pizza and its franchisees to share in the revenue from its 156 Canadian locations.
Nearly all stores are franchised outlets, and 4 percent of gross sales from each are paid to the trust. Those funds give franchisees necessary capital for construction, finance, marketing and training support. -PizzaMarketplace.com