Spar takes R7.5bn blow

COSTLY: EXITING POLAND, SWITZERLAND, UK

- Hilton Tarrant

The Spar Group, which withdrew from its operations in Poland in September 2024 and disposed of its Switzerland operations a year later, paid a hefty price to do so.

It also announced its intention to exit its UK regional distribution business in the southwest of England, Appleby Westward Group (AWG). The impairments of the values of these assets over the past three years total more than R7.5 billion.

Poland

In 2023, it impaired its investment in its then-Poland subsidiary by R1.267 billion.

At the end of the financial year (30 September), that unit was in a negative equity position with assets of R2 billion and liabilities of R3.3 billion. By the end of September last year, assets were R1.05 billion and liabilities R2.14 billion.