Spur Corporation Announces Implementation Of Doppio Group Acquisition
Spur Corporation Announces Implementation Of Doppio Group Acquisition. In a SENS announcement dated 27 July 2023, Spur Corporation entered into an agreement to acquire a 60% interest in the restaurant brands Doppio Zero, Piza e Vino and Modern Tailors, with a portfolio of 37 franchised and company-owned restaurants, as well as Doppio’s bakery and central supply business from the founders and shareholders, Paul Christie and MikiMilovanovic.
Spur Corporation is pleased to confirm that the acquisition is now unconditional and has been implemented with effect from 1 December 2023. Since the group’s announcement of the Acquisition, the Doppio Group has established a sub-brand of Piza e Vino, Ciccio, an all-day bespoke Italian-inspired eatery. The first Ciccio restaurant opened in Melrose Arch in October 2023 in the site previously occupied by the Piza e Vino company-store, and is well suited to this upmarket trading location.
Modern Tailors, the Indian-inspired company-owned restaurant in Rosebank, Johannesburg, continues to trade well and expand its customer base. A second Modern Tailors is scheduled to open in the second quarter of 2024. A new Piza e Vino franchised restaurant was opened in Knysna in November 2023.
Spur Corporation CEO Val Nichas said: “We welcome our new partners Paul and Miki tothe Spur Group. We are now well-positioned to capitalise on opportunities to expand theDoppio Group’s restaurant portfolio and grow its presence nationally. The new brands willstrengthen Spur Corporation’s position in the day-time speciality dining market andaccelerate the group’s entry into the speciality coffee market.”
