Growth at Thompson Restaurants is moving across multiple directions at once, built through a portfolio that continues to expand without centering on a single concept.
The company reported a 12 percent increase in revenue in 2025, tied to new openings, brand development, and execution across its system. Over the past year, it opened or converted 11 locations and is working toward a pace of one new unit each month.
The long-term plan is 100 locations by the end of 2027.
The structure behind that growth has been built over time, shaped by decisions made over the past several years.
“We’ve invested heavily in infrastructure over the last three years to really build an organization,” says founder and chairman Warren Thompson.
That investment appears in how the company runs each concept. The system is not centralized around a single operating layer. Each brand is given its own leadership, with operators assigned directly to it.
“Those operators own those brands and are responsible for the development and growth of those brands,” Thompson says.
The model separates responsibility across the portfolio, which allows each concept to develop on its own timeline.
Milk & Honey, Makers Union, Wiseguy Pizza, and Matchbox operate within the same system, but they are not pushed forward in the same way or at the same speed.
“Performance drives investment,” Thompson says.
Brands that show stronger results move faster. Others continue at a different pace, building incrementally.
Milk & Honey has become the front runner. The Southern-inspired concept added five locations in 2025, bringing its total to 19. More locations are already in development; four more should open before the end of the year. The brand operates in a segment with fewer direct competitors in many markets, so it can expand without the same level of resistance found in more saturated categories, according to Thompson.
Other chains continue to grow, though the pace varies. Wiseguy Pizza is expanding. Makers Union holds a steady position within its segment. Big Buns is under evaluation for additional growth. Additionally, Thompson Restaurants revived Austin Grill, which once had multiple locations in the DMV area, introduced Ms. Peach’s Southern Kitchen, a tribute to Hattie Warren, Thompson’s grandmother, and debuted Velocity Bar + Kitchen, an elevated spinoff of Velocity Wings.
Thompson’s goal is to create a system in which multiple concepts can operate close together. This method is already being used in the DMV market. A Matchbox may sit across the street from a Wiseguy Pizza. A Milk & Honey may be located nearby. The grouping allows the company to establish a broader presence within a single area.
That same philosophy is expected to carry into new markets.
Expansion is planned for Tidewater, Virginia, Pennsylvania, and North Carolina. Each market is evaluated through a combination of data and direct testing.
Thompson Restaurants often tests markets by doing pop-ups in nontraditional venues. More specifically, it uses college campuses and corporate dining accounts as early entry points. It lets the restaurant group introduce concepts to new audiences before committing to full-scale retail locations.
In some cases, restaurants are placed nearby, and students and staff can access them through meal cards and shuttle services. This provides a base level of demand before opening and reduces uncertainty when entering a new trade area.
Thompson Restaurants also eyes growth in airports. Through a partnership with SSP America, the company plans to open Wiseguy Pizza and Makers Union locations at Ronald Reagan Washington National Airport.
Operating in that environment requires adjustments. The flow of customers changes. The pace of service shifts. Menus are adapted to fit the space, focusing on portability and speed.
However, the concept isn’t new to Thompson Restaurants since it’s had brands in airports for about 10 years. Dating back even further, Thompson—before starting his current company—worked at Marriott in the early 1990s and ran airports on the East Coast. He was part of a team self-proclaimed as the “Renegades,” who placed some of the first national brands in airports, such as Pizza Hut and Taco Bell.
“I’ve got a pretty long history in the airport business,” Thompson says.
Thompson Restaurants continues to review potential M&A moves as well. The group is focused on categories it doesn’t have, like coffee, bakery, and select global cuisines. The company is evaluating opportunities across a wide range of sizes, from single-unit operators to larger multi-unit systems in the DMV and South Florida areas.
When a purchase does happen, integration follows a consistent pattern.
Founders are often retained during the transition period and remain involved for several years. The goal is to preserve what made the brand successful in the first place and avoid changes that could disrupt its identity.
Menus, vendors, and operational practices are kept in place. Adjustments are made gradually, if at all.
“When we do an acquisition, we try to keep the culture intact,” Thompson says.
Behind the entire operational model is a focus on talent.
The company shifted its approach to hiring over the past two years by moving away from external recruitment toward attracting candidates directly. Now, Thompson Restaurants can be more selective in building management teams. Thompson notes that the group is currently fully staffed heading into its peak season.
Internal development programs create a path for employees to move through the organization, from assistant manager to general manager and then to operating partner. In that role, individuals can hold an equity position in their location. The structure ties performance to ownership and creates a direct link between results and long-term outcomes.
Thompson Restaurants is also working through a succession process at the leadership level. Thompson wants the company to “continue to survive or thrive once I hang up my shoes.”
The transition has been underway for several years, with key leadership roles shifting to the next generation, including CFO and COO. Thompson’s sister, who is nine years younger, runs the joint venture part of the business, and his nephew is in real estate and completing deals on behalf of the company.
Regardless, Thompson Restaurants’ mindset won’t waver.
“We’ve had people come in as dishwashers who end up as vice presidents. When I see that happen in our company over the 33, soon to be 34 years, that gives me a lot of pride,” Thompson says. “And that’s why I wake up every day enjoying what I do.”
