from DION HENRICK in Cape Town
Western Cape Bureau
CAPE TOWN, (CAJ News) – SPUR Corporation is to acquire a 60 percent interest in the Doppio Group.
This comprises the restaurant brands Doppio Zero, Piza e Vino and Modern Tailors. This is a portfolio of 37 franchised and company-owned restaurants, as well as Doppio’s bakery and central supply business.
The interest in the Doppio Group is being acquired from founders and shareholders, Paul Christie and Miki Milovanovic, the Cape Town-based Spur announced to shareholders on Thursday.
“Spur Corporation’s strategy is to expand into categories, markets and channels where it is not fully represented,” read a note by the Johannesburg Stock Exchange-listed firm.
The group’s speciality dining portfolio currently comprises 40 restaurants across The Hussar Grill, Nikos and Casa Bella brands with dinner trade representing about 71 percent of speciality turnover.
Doppio will nearly double the Spur Corporation speciality portfolio.
The Doppio Group generated total sales of over R600 million (US$34,14 million) in the financial year ended February 28, 2023.
The restaurants are styled on the European café culture. Piza e Vino complements the group’s Italian offering provided by Panarottis (78 restaurants) and Casa Bella (6 restaurants).
Doppio operates predominantly in Gauteng, with only four of the restaurants located outside the province.
A total of 669 employees will be transferred from the Doppio Group, with 14 percent being support staff and employees of the bakery.
The remaining staff are employed at the company-owned restaurants.
Christie and Milovanovic will continue as executives of the Doppio Group for a minimum of five years.
Spur Corp, the South African multi-brand restaurant franchiser, owns and runs a small number of restaurants including Spur Steak Ranches, Panarottis Pizza Pasta, John Dory’s Fish, Grill and Sushi, Captain DoRegos, among others.
– CAJ News