American multi-brand restaurant operator FAT Brands has made a confidential submission to the US Securities and Exchange Commission (SEC) to take its Twin Peaks and Smokey Bones brands public via an initial public offering (IPO).
The move comes a week after charges were levelled by the federal authorities on the restaurant company and its chair, Andy Wiederhorn, for an alleged $47m fake loan scheme.
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Charges include wire fraud and tax evasion. FAT Brands and Wiederhorn have denied the allegations through an attorney, CNBC has reported.
Twin Peaks, known for its sports bar atmosphere, has expanded to 115 locations since its inception in 2005.
FAT Brands acquired Twin Peaks in 2021 and announced plans last year to spin it off through an IPO.
Smokey Bones, a barbecue chain created by Darden Restaurants in 1999 and later sold, was acquired by FAT Brands in September 2023.
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By GlobalDataLast month, the company announced a development deal to open 40 new franchised Fatburger locations in Northern California in which Fatburger will be co-branded with 40 existing Round Table Pizza locations.
The first co-branded site is expected to open by the spring of 2025.
In March 2024, the company posted a net loss of $26.23m for the fourth quarter of 2023, against a net loss of $70.8m in the corresponding period of the previous year. Its adjusted net loss was $17.3m compared with $43m in the fiscal fourth quarter of 2022.
