THB 7.5m → THB 4.5m
The total is 40% below the early concept. v2 refines the compact pilot and now explicitly reserves the first central kitchen. No supplier quotations prove realised savings.
THE INVESTMENT / A WORKING PLAN
One pilot.
A system ready to develop.
The v2 plan connects the pilot restaurant, franchise support and a first central kitchen within THB 4.5 million. Read the uses of funds, follow the money between entities and compare the conditions behind each growth scenario.
01 / By use of funds
One total. Two useful views.
THB 4,500,000 covers both entities. The spending categories and entity allocations below describe the same funds; they must not be added together.
4.5million THB
- Opening & company setup
- 2,350,000 THB
- First central kitchen reserve
- 600,000 THB
- Opening operating cash
- 1,550,000 THB
By entity
- Pilot OpCo · restaurant project
- 3,000,000 THB
- BrandCo · franchise development
- 1,500,000 THB
Opening and company setup: THB 2.35m. First central kitchen reserve: THB 600k. Operating cash: THB 850k in Pilot OpCo and THB 700k in BrandCo. The kitchen reserve is separate from operating cash. These uses do not establish paid-up share capital.
What changed in the budget?
v2 reallocates the same THB 4.5m
The earlier 3.4m setup / 1.1m cash split is superseded by 2.35m opening, 0.60m kitchen reserve and 1.55m operating cash. Signature and Premium box proposals rise to THB 319 and 459.
02 / Company structure
Keep the entities distinct.
Pilot OpCo
Operates the first restaurant with a Thai manager. v2 illustrates 100% investor ownership of the pilot; this is a modelling proposal, not an agreed shareholding. Ownership and operating responsibilities must be settled separately.
BrandCo
The planned Thai parent develops the brand and franchise system. Proposed equity: partner 65%, founder 35%. Equity and Thailand exclusivity have a verbal understanding; other terms are not final.
Shareholders
Receive only dividends duly declared after costs, taxes, losses, reserves and cash needs. The 35% equity holding is not an entitlement to 35% of gross royalties.
From sales to a possible dividend
- 01
Restaurant sales
Pilot OpCo and separately funded franchisees
- 02
Parent revenue
5% royalty, franchise fees and raw-base supply
- 03
Costs, tax & reserves
Support, kitchen operations and cash needs
- 04
Possible dividends
Only an approved, affordable distribution
BrandCo has three proposed revenue streams: a 5% royalty on net restaurant sales after merchant discounts and documented refunds; a THB 250,000 franchise fee excluding VAT; and packs of three raw bases supplied at THB 20 excluding VAT. Fees and supply have their own delivery costs. The illustrative 50% payout also depends on retained earnings, reserves, cash and approval.
The founder can relocate full-time; the daily operating role remains to be agreed. The model includes an initial gross founder salary of THB 50,000/month in BrandCo only, with no duplicate salary in the pilot.
03 / Scenarios & cash
Growth comes with conditions.
These are recalculated outputs from the project’s financial model, not contracted openings or promised returns. Each scenario changes its own demand, delivery, commission, discount, food-cost and opening assumptions.
| Operating year | Stores at year end | BrandCo royalties | BrandCo profit after tax |
|---|---|---|---|
| 01 | 3 | 1,231,300 | 304,322 |
| 02 | 6 | 3,593,989 | 2,386,343 |
| 03 | 10 | 6,774,767 | 4,926,243 |
| 04 | 15 | 11,529,322 | 9,120,085 |
| 05 | 20 | 17,429,433 | 14,247,012 |
Franchisees fund their own restaurants. The initial THB 4.5m includes the first kitchen reserve; it does not finance all forecast outlets. Later kitchen projects use parent cash in the model. Openings are targets, not signed contracts.
How BrandCo revenue adds up
Operating year 1
- BrandCo royalties
- 1,231,300 THB
- Recognised franchise fees
- 316,667 THB
- Raw-base supply sales
- 511,958 THB
- Total BrandCo revenue
- 2,059,925 THB
Operating year 3
- BrandCo royalties
- 6,774,767 THB
- Recognised franchise fees
- 731,667 THB
- Raw-base supply sales
- 8,935,858 THB
- Total BrandCo revenue
- 16,442,292 THB
Operating year 5
- BrandCo royalties
- 17,429,433 THB
- Recognised franchise fees
- 1,076,667 THB
- Raw-base supply sales
- 22,989,267 THB
- Total BrandCo revenue
- 41,495,366 THB
The proposed THB 250,000 entry fee is cash received, not revenue earned immediately: THB 150,000 of initial services is recognised at opening and THB 100,000 of licence revenue over 60 months. Supply sales have production and distribution costs. Unearned fee cash is excluded from dividend availability.
Before central supply: THB 261,000 fixed cost ÷ THB 85.83 contribution ÷ 30 days gives 102 orders/day rounded up for EBITDA break-even. After supply begins, one prep role is removed: THB 243,000 ÷ THB 76.23 ÷ 30 gives 107. This is an operating threshold, not net-profit break-even.
Key assumptions
- Pilot orders/day, month 1 → 12
- 60 → 140
- Delivery share
- 70%
- Commission on gross delivery receipts
- 30%
- Merchant discount
- 3%
- Food-cost factor vs base
- ×1
The pilot must protect its cash.
- Pilot fixed costs / month, month 12
- 243,000THB
- Contribution / order after royalty, month 12
- 76.23THB
- Orders/day for EBITDA break-even, month 12
- 107
- Minimum pilot cash, year 1
- 497,800THB
- Minimum unrestricted BrandCo cash, year 1
- 503,435THB
- Pilot EBITDA, year 1
- 210,946THB
- Pilot result after tax, year 1
- -114,439THB
Pilot closing cash by month · THB, first operating year
Month / Closing cash
- Month 1
- 729,949
- Month 2
- 623,689
- Month 3
- 555,976
- Month 4
- 514,013
- Month 5
- 497,800
- Month 6
- 504,812
- Month 7
- 534,921
- Month 8
- 575,329
- Month 9
- 626,038
- Month 10
- 689,542
- Month 11
- 769,519
- Month 12
- 824,277
The base pilot earns THB 210,946 EBITDA in year 1, but records a THB 114,439 loss after depreciation and the model’s tax provision. Minimum first-year cash is about THB 498k in the pilot and THB 503k unrestricted in BrandCo. The kitchen begins in month 11 and has a thin initial margin.
In the downside, pilot cash is exhausted in month 5 and the year-end unfunded gap is about THB 1.13m. The model blocks later franchise openings once pilot cash becomes negative. No automatic loan, new equity or transfer from BrandCo fills this gap.
| Operating year | Stores at year end | BrandCo royalties | BrandCo profit after tax |
|---|---|---|---|
| 01 | 1 | 386,542 | -513,458 |
| 02 | 1 | 486,990 | -440,010 |
| 03 | 1 | 501,697 | -453,113 |
| 04 | 1 | 516,848 | -466,606 |
| 05 | 1 | 532,457 | -480,501 |
Franchisees fund their own restaurants. The initial THB 4.5m includes the first kitchen reserve; it does not finance all forecast outlets. Later kitchen projects use parent cash in the model. Openings are targets, not signed contracts.
How BrandCo revenue adds up
Operating year 1
- BrandCo royalties
- 386,542 THB
- Recognised franchise fees
- 0 THB
- Raw-base supply sales
- 0 THB
- Total BrandCo revenue
- 386,542 THB
Operating year 3
- BrandCo royalties
- 501,697 THB
- Recognised franchise fees
- 0 THB
- Raw-base supply sales
- 0 THB
- Total BrandCo revenue
- 501,697 THB
Operating year 5
- BrandCo royalties
- 532,457 THB
- Recognised franchise fees
- 0 THB
- Raw-base supply sales
- 0 THB
- Total BrandCo revenue
- 532,457 THB
The proposed THB 250,000 entry fee is cash received, not revenue earned immediately: THB 150,000 of initial services is recognised at opening and THB 100,000 of licence revenue over 60 months. Supply sales have production and distribution costs. Unearned fee cash is excluded from dividend availability.
Key assumptions
- Pilot orders/day, month 1 → 12
- 40 → 80
- Delivery share
- 80%
- Commission on gross delivery receipts
- 32%
- Merchant discount
- 5%
- Food-cost factor vs base
- ×1.1
The pilot must protect its cash.
- Pilot fixed costs / month, month 12
- 261,000THB
- Contribution / order after royalty, month 12
- 52.28THB
- Orders/day for EBITDA break-even, month 12
- 167
- Minimum pilot cash, year 1
- -1,130,530THB
- Minimum unrestricted BrandCo cash, year 1
- 155,249THB
- Pilot EBITDA, year 1
- -1,900,799THB
- Pilot result after tax, year 1
- -2,170,799THB
Pilot closing cash by month · THB, first operating year
Month / Closing cash
- Month 1
- 681,871
- Month 2
- 471,825
- Month 3
- 283,354
- Month 4
- 102,726
- Month 5
- -70,061
- Month 6
- -229,114
- Month 7
- -394,059
- Month 8
- -545,270
- Month 9
- -702,373
- Month 10
- -845,742
- Month 11
- -995,003
- Month 12
- -1,130,530
In the downside, pilot cash is exhausted in month 5 and the year-end unfunded gap is about THB 1.13m. The model blocks later franchise openings once pilot cash becomes negative. No automatic loan, new equity or transfer from BrandCo fills this gap.
| Operating year | Stores at year end | BrandCo royalties | BrandCo profit after tax |
|---|---|---|---|
| 01 | 4 | 2,030,824 | 1,124,713 |
| 02 | 8 | 6,482,602 | 5,288,230 |
| 03 | 14 | 13,245,984 | 11,885,093 |
| 04 | 22 | 23,649,697 | 21,840,128 |
| 05 | 30 | 37,166,187 | 34,979,737 |
Franchisees fund their own restaurants. The initial THB 4.5m includes the first kitchen reserve; it does not finance all forecast outlets. Later kitchen projects use parent cash in the model. Openings are targets, not signed contracts.
How BrandCo revenue adds up
Operating year 1
- BrandCo royalties
- 2,030,824 THB
- Recognised franchise fees
- 475,000 THB
- Raw-base supply sales
- 1,428,442 THB
- Total BrandCo revenue
- 3,934,266 THB
Operating year 3
- BrandCo royalties
- 13,245,984 THB
- Recognised franchise fees
- 1,100,000 THB
- Raw-base supply sales
- 17,293,056 THB
- Total BrandCo revenue
- 31,639,040 THB
Operating year 5
- BrandCo royalties
- 37,166,187 THB
- Recognised franchise fees
- 1,708,333 THB
- Raw-base supply sales
- 48,521,647 THB
- Total BrandCo revenue
- 87,396,167 THB
The proposed THB 250,000 entry fee is cash received, not revenue earned immediately: THB 150,000 of initial services is recognised at opening and THB 100,000 of licence revenue over 60 months. Supply sales have production and distribution costs. Unearned fee cash is excluded from dividend availability.
Key assumptions
- Pilot orders/day, month 1 → 12
- 80 → 180
- Delivery share
- 65%
- Commission on gross delivery receipts
- 30%
- Merchant discount
- 2%
- Food-cost factor vs base
- ×0.97
The pilot must protect its cash.
- Pilot fixed costs / month, month 12
- 243,000THB
- Contribution / order after royalty, month 12
- 87.43THB
- Orders/day for EBITDA break-even, month 12
- 93
- Minimum pilot cash, year 1
- 745,574THB
- Minimum unrestricted BrandCo cash, year 1
- 587,488THB
- Pilot EBITDA, year 1
- 1,784,270THB
- Pilot result after tax, year 1
- 1,200,292THB
Pilot closing cash by month · THB, first operating year
Month / Closing cash
- Month 1
- 765,885
- Month 2
- 745,574
- Month 3
- 761,507
- Month 4
- 812,507
- Month 5
- 898,573
- Month 6
- 1,020,321
- Month 7
- 1,165,447
- Month 8
- 1,334,567
- Month 9
- 1,533,551
- Month 10
- 1,699,842
- Month 11
- 1,876,624
- Month 12
- 2,064,403
The upside requires stronger order demand and more favourable operating assumptions. These have not been validated. Expansion still depends on sustainable pilot results and separately funded franchisees.
If demand falls short
Proposed responses: pause expansion, review the offer and delivery economics, reduce avoidable spending and decide whether to resize, fund or stop the pilot before cash is exhausted. Any additional funding needs a separate agreement.
In the downside, pilot cash is exhausted in month 5 and the year-end unfunded gap is about THB 1.13m. The model blocks later franchise openings once pilot cash becomes negative. No automatic loan, new equity or transfer from BrandCo fills this gap.
Source & calculation notes
Source: Speedy_Pizza_Financial_Model_v2.xlsx, 10 September 2026. All three cases were recalculated through Assumptions!H5 and reconciled with the supplied v2 results. Figures are rounded snapshots. EBITDA excludes depreciation, interest and tax. Break-even uses 30 trading days. A transaction averages 1.05 boxes in the base basket. The tax model reserves 20% of positive monthly accounting profit; this is a conservative cash-planning convention, not an annual Thai tax calculation. The forecast costs nine original recipes only, not the 18 new menu proposals.
04 / Before opening
What needs to be proven next.
The customer
Measure paying customer demand and repeat purchase through the pilot. There are no documented Thai operating sales or Italian accounts offered as proof. Opening preparation is included in v2; no separate paid market-test project is budgeted.
The final box
Confirm the production-intended long box, dividers, ventilation, supplier specification and transport quality. The completed internal 20–30 minute check used a normal pizza box.
The complete service
Proposed raw bases are rolled in batches, then topped and baked to order. Validate topping, oven recovery, finishing, fried sides and packing together.
Oven capacity: theory, not a service claim
The v2 purchase reference is a two-deck, four-tray SGE OV-DIGI-E24 and a separate four-tray Piron PF7604. The earlier five-tray arithmetic does not describe these specifications or a measured complete service. Confirm product quality, oven recovery, staffing, side preparation and packing together. No five-minute service promise is made.
Decisions before opening
A Thai legal and accounting review is still needed for the chosen structure and premises. No permit, trademark clearance or final agreement is represented as obtained.
- Shareholder agreements, roles, funding terms and Pilot OpCo ownership.
- Thailand exclusivity, milestones, brand ownership/licensing and Thai trademark search.
- Operating structure, the founder’s work authorisation, premises and food-business approvals.
- Tax, contracts, franchise disclosures and the treatment of royalties, refunds and reserves.
Official references
Company structure and founder work authorisation, pp. 5–10 and 19–24. General guidance; project-specific review is pending.
Checked 9 September 2026
Trademark filing information. A Thai clearance search and ownership/licence review are still required.
Checked 9 September 2026
VAT framework. An accountant must confirm registration, invoicing and the rate applicable at opening.
Checked 9 September 2026
Materials for the next conversation
The editable model, detailed operating costs and corporate agreements can support a qualified discussion. They are not public downloads on this website.
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