The
term franchise refers
to a type of business in which a group or individual receives
a license from a corporation
to conduct a commercial enterprise.
Corporate franchises
enable a franchisee to
market a well-known product or service in return for an initial
fee and a percentage
of gross receipts. The franchiser
usually provides assistance with merchandising
and advertising. Major franchise networks, which have grown
rapidly in the United Kingdom since the 1960s, include fast-food
restaurants, petrol stations, car dealerships, and real-estate
agencies, and the system has expanded into many other fields.
