Vancouver, December 3, 2003 -- The Keg Steakhouse & Bar has been honoured with the 2003 Pinnacle Award for "Restaurant Company of the Year" by Foodservice and Hospitality Magazine, the country’s leading foodservice and hospitality industry publication.
The Pinnacle Awards annually acknowledge those companies in the foodservice industry that demonstrate innovation, high standards of excellence and community involvement. An independent jury appointed by the magazine chose Vancouver-based Keg Restaurants Ltd. for this year’s Restaurant Company award.
Rosanna Caira, Editor of Foodservice and Hospitality Magazine, said, "Given the market conditions of the past year, determining this year’s Pinnacle Award winners was a challenging task for our Foodservice and Hospitality selection jury."
In a year that saw many companies struggling to survive, Keg Restaurants managed to achieve solid sales results, posting significant growth this year over last and adding a total of six new restaurants to its portfolio. This is an amazing feat when one considers this year's events: a single case of BSE in Alberta, SARS in Canada, and a major power outage in Ontario.
"Our jury felt that the Keg's ability to stay true to its original core vision throughout its 32-year history, with its commitment to staff development and training as well as its involvement in the area of charitable contributions were worthy endeavors that should be recognized," adds Ms. Caira.
"The Keg is honoured to be the recipient of this prestigious award," said David Aisenstat, The Keg's President & CEO. "We consider the jury's selection to be a tribute to the hard work and dedication of The Keg's franchisees, employees, and management teams. In a year that has been unusually challenging for the hospitality industry, it is particularly gratifying to be recognized by our peers."
In May 2002, Keg Restaurants Ltd. launched The Keg Royalties Income Fund on the Toronto Stock Exchange. This publicly traded trust (KEG.UN-TSX) owns The Keg trademarks and receives a royalty payment equal to four percent of gross sales of all restaurants in the royalty pool, which it pays out to unitholders as a monthly distribution.
The Keg will receive its award during the Pinnacle Awards luncheon, Dec. 9, 2003 at Toronto's Fairmont Royal York Hotel.