RE:RE:RE:RE:RE:RE:RE:RE:Mr. MikesMy parents used to take me there in the early 70's in Vernon, BC. We thought it was a high end steak house but in reality it was a budget steak house. (Well, maybe my parents knew it wasn't a high end steak house). I always got the Mike Burger. An oval shaped hamburger patty sandwiched between slices of garlic toast, rather than a hamburger bun. My dad would give me a dime to go back up to the grill to get an extra piece of garlic toast. I have fond memories of that place!
Mr. Mikes really declined until it was almost completely defunct but I think there has always a handful of them still operating out there somewhere. The one in Vernon shut down many years ago.
In the last decade or so there's been a complete resurgence. I found a new one driving through Pringe George, BC a couple of years ago. The Mike Burger tasted the same, but the vibe was totally different. It's all about the cocktails now. Kind of like the Keg but my impression is that it's a down market Keg. A relaxed and fun blue collar hangout, but a lot nicer than a bar. With expansion into Ontario there's possibly be a ton of growth potential.
I like the deal. Though I wonder if we're really any farther ahead than where we were before we sold the previous restaurant royalty. I'd be interested in thoughts on where we would be today if we had held onto that royalty. Would those royalty payments have been cut??
Oh well, hindsight is 2020. If we do get another royalty soon, leading to a dividend increase and a $4 share price, I'll be happy.