Joyce Corporation has announced a $275,000 incentive scheme to attract franchisees to set up its new Bedshed stores in Sydney as part of a broader move into the east coast market.
The company, which said it was eying off Sydney as the next step in its national expansion, will offer incentive packages to the first five franchisees to open new Bedshed stores in the city.
The Bedshed brand, which has been trading in WA for 35 years, grew revenue by 30 per cent in the first-half.
Joyce’s executive director Anthony Mankarios said the group wanted to recruit only the best to grow its franchise network in New South Wales.
He said further expansion was planned in Queensland and the ACT with two new franchise stores due to open in April and May.
Mr Mankarios said the management team led by Gavin Culmsee had well developed expansion plans for further growth on the east coast.
“This is an exciting time for the right people to get into bed with Bedshed, one of the most innovative and robust franchises in the country,” he said.
“The model is tried and tested and external research has shown that Bedshed franchisees are more financially satisfied than 84 per cent of the sector, a testament to the strength of the brand.”
Earlier this month, Joyce announced the purchase of a 51 per cent stake in classic car seller Lloyds Online Auctions. The company also owns the Kitchen Connection and Wallspan Kitchen and Wardrobes retail businesses on the east coast.
In February, Joyce posted an 80 per cent spike in first-half profit to $1.57 million on the back of a 51 per cent growth in revenue to $39.1 million on the previous corresponding period.
Shares in Joyce were off 1.5 cents to $1.64 at 12.45pm.