Taste reels in The Fish & Chip Co
Taste Holdings announced today that it has entered into a sale agreement with The Traditional Fish and Chips (Pty) Ltd to acquire from it, the approx 170 franchised outlet business of The Fish & Chip Co with effect from 1 February 2012.
The purchase price of R66m includes all assets of the business including stock, trade debtors, the distribution centre and any payments paid in advance to secure new stores still to be opened.
“The seller is warranting that there will be at least 195 stores on the takeover date” said Carlo Gonzaga, CEO Taste Holdings, “and gross profits of at least R2.4m per month. This will translate into annualised systemwide-sales in excess of R300m.
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