Spur Corporation to open 42 new restaurants in South Africa

Restaurant franchise group Spur Corporation is accelerating its store expansion program with the planned opening of 42 new restaurants in South Africa and 14 internationally in the year ahead.

- EDWARD WEST

“Our brands have not yet reached saturation in South Africa or beyond. We will continue expanding our presence on the African continent and are optimistic about the growth potential as casual dining continues to gain appeal,” said Group CEO Val Nichas on Thursday.

Speaking at the release of the group financial results, she said they had already in the year to June 25 expanded their local and international restaurant presence to 724 outlets in 14 countries.

The group's share price surged over 6% to R35.20 on the JSE on Thursday morning, indicating positive investor sentiment to the release of the results.

In South Africa, 31 restaurants were opened in the past year, which included four Doppio Zero, one Piza é Vino and one Modern Tailors restaurant. Fifteen restaurants were closed.

Fiftee restaurants were opened in the rest of Africa to bring the international store network to 105.

“We are leveraging value from the Doppio Zero brand, which is also expanding into the rest of Africa with a restaurant opening planned in Zimbabwe later this year,” said Nichas.