BURLINGTON, ON, June 29, 2026 /CNW/ - SIR Corp. ("SIR" or the "Company"), a leading operator of full-service restaurant brands in Canada, and which has several agreements and interests related to SIR Royalty Income Fund (the "Fund") (TSX: SRV.UN), announced today that Steven Pelton has been appointed as the Company's new President and Chief Operating Officer. Mr. Pelton will succeed Paul Bognar, who will remain with SIR to seek to ensure a seamless leadership transition prior to his retirement. Mr. Pelton will assume his new executive role with SIR effective July 13, 2026.

"Paul Bognar has been a key contributor to the growth and success of SIR for more than 15 years. We thank him for his leadership and dedication to strengthening our restaurant brands, and for his many contributions in building the team-oriented culture and shared values that shape what Service Inspired Restaurants is today. We wish Paul well in his retirement," said Peter Fowler, CEO of SIR Corp. "We look forward to welcoming Steven Pelton to our leadership team. Steven brings a wealth of experience to SIR as a successful entrepreneur and leader in the restaurant and hospitality industry. We expect him to play a key role in further elevating our restaurant brands and supporting the continued growth and development of our personnel across our operations."  

Mr. Pelton was formerly President and Chief Executive Officer of Aegis Brands Inc. (2019 – 2026). Aegis Brands owns and operates the St. Louis Bar & Grill brand and holds the master franchise for the Sweet Jesus ice cream brand in Canada. He was previously a Senior Vice President at Recipe Unlimited Corporation (2015 – 2019). Prior thereto, he was co-founder and Chief Executive Officer of the Landing Group of Restaurants.

"SIR has developed and grown a diversified portfolio of leading restaurant brands in Canada, including its flagship Jack Astor's Bar & Grill and the popular Scaddabush Italian Kitchen & Bar, while fostering a distinctive culture that sets the organization apart," said Mr. Pelton. "I believe there is significant opportunity to build on this strong foundation. With exceptional brands, talented people and an unwavering commitment to innovation and guest experience, SIR is well positioned for continued growth and success." 

About SIR Corp.

SIR Corp. ("SIR") is a privately held Canadian corporation that owns a portfolio of 55 restaurants in Canada. SIR's Concept brands include Jack Astor's Bar and Grill®, including Jack Astor's + Freida's Beverage Kitchen™, with 36 locations, and Scaddabush Italian Kitchen & Bar® with 15 locations. SIR also operates one-of-a-kind Signature brands including The Loose Moose®, Reds® Square One and Edna + Vita®. All trademarks related to the Concept and Signature brands noted above are used by SIR under a License and Royalty Agreement with SIR Royalty Limited Partnership. SIR also owns one Duke's Refresher® + Bar location, which is currently not part of the Royalty Pool. For more information on SIR or the SIR Royalty Income Fund, please visit www.sircorp.com.

About SIR Royalty Income Fund

The Fund is a trust governed by the laws of the province of Ontario that receives distribution income from its investment in the SIR Royalty Limited Partnership and interest income from the SIR Loan. The Fund intends to pay distributions to unitholders on a monthly basis.  

Caution concerning forward-looking information

Certain statements contained in this news release, or incorporated herein by reference, including the information set forth as to the future financial or operating performance of the Fund or SIR, that are not current or historical factual statements may constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Statements concerning the objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of SIR, the SIR Restaurants or industry results, are forward-looking statements. These may include, without limitation, statements relating to elevating our restaurant brands and supporting the continued growth and development of our personnel. The words "may", "will", "should", "would", 'could", "expect", "believe", "plan", "anticipate", "intend", "estimate" and other similar terminology and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of  SIR, the SIR Restaurants or industry results, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. These statements reflect Management's current expectations, estimates and projections regarding future events and operating performance and speak only as of the date of this document. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. Risks related to forward-looking statements include, among other things, challenges presented by a number of factors, including: market conditions at the time of this filing; competition; changes in demographic trends; weather; changing consumer preferences and discretionary spending patterns; the increased adoption of GLP-1 medications; changes in consumer confidence; changes in national and local business and economic conditions; pandemics or other material outbreaks of disease or safety issues affecting humans or animals or food products; the ability to maintain staffing levels; the impact of inflation, including on input prices and wages; the impact of the conflicts in Ukraine and the Middle East; changes in tariffs and international trade; changes in foreign exchange and interest rates; changes in availability of credit; legal proceedings and challenges to intellectual property rights; legislation and governmental regulation, including the cost and/or availability of labour as it relates to changes in minimum wage rates or other changes to labour legislation and forced closures of or other limits placed on restaurants and bars; laws affecting the sale and use of alcohol (including availability and enforcement); changes in cannabis laws; changes in environmental laws; privacy matters; accounting policies and practices; changes in tax laws; the impact of cybersecurity breaches; and the results of operations and financial condition of SIR. The foregoing list of factors is not exhaustive. Many of these issues can affect the Fund's or SIR's actual results and could cause their actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Fund or SIR. There can be no assurance that SIR will remain compliant in the future with all of its financial covenants under its credit agreement and imposed by the lender. Given these uncertainties, readers are cautioned that forward-looking statements are not guarantees of future performance and should not place undue reliance on them. The Fund and SIR expressly disclaim any obligation or undertaking to publicly disclose or release any updates or revisions to any forward-looking statements except as expressly required by law. Forward-looking statements are based on Management's current plans, estimates, projections, beliefs and opinions, and the Fund and SIR do not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change, except as expressly required by applicable securities laws.

All of the forward-looking statements made herein are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Fund or SIR. For more information concerning risks and uncertainties, please refer to the 'Risk Factors' in the Fund's March 12, 2026 Annual Information Form, for the period ended December 31, 2025, and the Fund and SIR's most recent interim and / or annual filings, which are available under the Fund's profile at www.sedarplus.ca.

SOURCE SIR Royalty Income Fund