Spur buys 60% stake in Doppio Zero
Spur has bought a 60% stake in restaurant group Doppio Zero, giving it a foot in coffee culture and a pathway to expansion.
A Business Day report says the deal price was not disclosed. Doppio Zero has 37 franchised and company-owned restaurants, a bakery and a central supply chain business.
It also owns Piza e Vino Italian restaurants and Indian restaurant Modern Tailors.
Spur said the deal will enable it to expand Doppio nationally and improve its coffee and bakery capabilities.
Spur is buying the business from founders Paul Christie and Miki Milovanovic, who opened the first Doppio Zero in Greenside, Johannesburg, in 2002.
Spur group CEO Val Nichas said the acquisition will strengthen its position in the daytime speciality dining segment while its high-end restaurants are primarily busy at night time.
‘Our strategy is to expand into categories, markets and channels where we are under-represented. Our speciality dining brands currently comprise 40 restaurants across The Hussar Grill, Nikos and Casa Bella, with dinner trade representing about 71% of turnover.’
Altogether 669 employees will be transferred from the Doppio Group and the founders will continue as executives for at least five years.
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