VIRGINIA BEACH
Knockouts Haircuts for Men has sold a large portion of its Florida and Virginia franchise rights to a group of Virginia-based investors.
Kelly and Jennifer Wyatt of Chesapeake are lead investors for the group. Other investors are Itsa and Ricardo Welsh of Chesapeake and Kirk Fritz of Lynchburg.
Kelly Wyatt said the group has plans for 16 stores in the Hampton Roads area, including two in Virginia Beach that are set to open in July.
The business offers services for men including manicures, pedicures, haircuts and shoeshines, all in a boxing-themed salon.
Other plans call for about 80 to 85 stores in the Florida market, Kelly Wyatt said.
Wyatt said he wanted to invest in the franchise because he thinks it will have success in the Hampton Roads market.
"Franchising has a proven successful business plan," Wyatt said. "Franchising certainly has the tools. You just have to execute that plan."
Wyatt declined to disclose the financial terms of the rights agreement. Knockout Haircuts is based in Irving, Texas, and has 15 locations nationwide.
Jennifer Jiggetts, (757) 446-2643, jennifer.jiggetts@pilotonline.com
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Sounds FABULOUS!