JSE-listed franchisor Taste Holdings [JSE:TAS] says it has entered into agreement to sell restaurant chain Maxi’s and The Fish & Chips Co. as it continues to disinvest from food brands to focus on luxury goods.
In November Taste announced it would sell its Starbucks stores for R7m.
In an update to shareholders on Tuesday, Taste said the disposal of Maxi’s and The Fish & Chips Co. is anticipated to become effective on or about 2 December 2019. Taste did not say would buy the stores or name a price.
The disposal comes as the management group shifts its strategy to become a “focused luxury retail group” consisting of NWJ, Arthur Kaplan and World’s Finest Watches.
– Compiled by Jan Cronje