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Johannesburg - King Consolidated Holdings (KingCo) has announced that 21 of the 38 Bimbo's franchises operating out of Engen Petroleum Company forecourt sites have agreed to convert to Steers outlets.
A condition of the deal struck with Famous Brands in mid-November was that conversion agreements with a minimum of 26 outlets be signed by January 16 2006.
Kings Consolidated Food Services director, Ivan Nitsche notes that a further five are expected to be confirmed shortly.
"I have been led to believe that franchisee satisfaction with the Bimbo's brand has been the cause of this delay and with commitment from only a certain number of the outlets received by the deadline date, the KingCo board agreed to Famous Brands' request for an extension to the end of January.
"This is proof of the strength and popularity of this priced-right brand."
In addition to Bimbo's, other brands in the JSE-listed King Consolidated Holdings stable include Keg Pub & Restaurant, McGinty's Traditional Irish Pub and Saddles Steak Ranch.
"We are concluding a phase of consolidation and sustainability for all our brands and with our financials due for release later in the month, KingCo's food services division will show a profit for the 2005/2006 financial year."
"With the growth strategy that will be brought to the table in the coming months, come this time next year, I am confident that the numbers will reflect exponential growth."