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Accounts Payable Clerk at Burger King
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Grand Parade Investments: Burger or King?
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Spur Corporation is reinventing itself after taking a beating due to lockdown restrictions that resulted in a 40% decline in first-half sales.
Under new management led by former Famous Brands executive Val Nichas and recently-appointed chief financial officer Cristina Teixeira, it’s introducing drive-thru formats for its RocoMamas and Spur franchises and a drive-thru, click and collect option for Bento franchises. Its virtual kitchen brands, which have been trialling since last May and operate out of the kitchens of existing restaurants, will move into the next phase of testing.
Spur has been the worst hit of the JSE’s listed restaurant groups due to its largely sit-down dining format, Smalltalkdaily’s Anthony Clark told
Spur earnings undercooked due to Covid-19 restrictions
Trading Statement for the six months ended 31 December 2020
Shareholders are referred to the sales update released on SENS on 29 January 2021 in which the group advised that total franchised restaurant sales declined by 29.4% to R2.9bn for the six months to 31 December 2020 (“the reporting period”), against the R4.1bn reported for the six months to 31 December 2019 (the “prior comparative period”).
Ongoing Covid-19 pandemic lockdown trading restrictions, although at reducing levels in the first half of the reporting period, compounded by the second wave of the pandemic and the resultant implementation of revised level 3 restrictions in the key trading month of December 2020, curtailed franchised restaurant sales in the period. As expected, these restrictions, combined with weaker consumer disposable income, were the main contributors to the decline in total franchised restaurant sales.
The sale of Burger King hits a glitch
By Sandile Mchunu
Share
Grand Parade Investments (GPI) today informed its shareholders that the date for the conclusion of the share purchase agreement (SPA) for the disposal of Burger King South Africa (BKSA) and Grand Foods Meat Plant (GFMP) has expired.
This comes after the investment holding company entered into the sale of the two businesses in February to Emerging Capital Partners (ECP) Africa Fund IV LLC for R670 million for Burger King and R27m for Grand Foods Meat plant was R27m.
However, the value for the sale of the businesses was revised down in September to R570m for BKSA and R23m for GPMP after the Covid-19 outbreak hurt the group’s earnings for the year to end June.
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