Hot off the proverbial grill, Spur Steak Ranches owned by the Spur Corporation has bought out one of Cape Town's most well established steakhouses, Hussar Grill and for R35 million in cash no less.
From the Spur press release (find the entire press release here) -
'Spur Corporation chief executive officer, Pierre van Tonder, said the acquisition will give the group exposure to an upmarket specialist steakhouse chain.
'Our heritage and expertise in Spur is managing steak ranches and we bring this experience to a higher segment of the restaurant market which we believe has good growth prospects.'
'As an experienced multi-brand restaurant franchisor we are excited to incorporate another strong brand into our growing portfolio. The management of the Hussar Grill will be integrated into the Spur franchise operations and enable us to maximise growth opportunities for the chain.'
Van Tonder said the Hussar Grill brand is highly regarded in the Western Cape, with the iconic Hussar grill room in Rondebosch having operated for the past 50 years.
'We plan to capitalise on this brand equity by expanding the chain in the Western Cape and also extending the presence into other regions to eventually gain a national footprint,' he said.
'We have seen high levels of interest from our current Spur franchisees who would also like to own an upmarket steakhouse within the Spur group. The acquisition of the Hussar Grill will create the opportunity for our existing franchisees to invest in their own specialist steakhouses and this will be one of the drivers of the expansion of the new chain.'
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