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Johannesburg - Famous Brands announced on Wednesday that it has acquired a 51% controlling stake in the business of tashas, a successful, upmarket casual-dining cafe concept.
tashas currently consists of two restaurants - one in Bedford Village, Bedfordview and the other in Atholl Square, Sandton, both of which will convert to franchised restaurants as at the effective date.
Kevin Hedderwick, Famous Brands' chief operating officer, says: "We are excited about this latest acquisition by the group as it gives us access to the 'premium' end of the casual-dining category where we currently have no representation at all.
"We have watched the development of this hugely popular concept over the past year, the brain child of Anastasia (Natasha) Sideris and her brother Savva Sideris. We believe that this young and exciting brand housed within the Famous Brands' stable offers further franchise roll-out opportunities going forward.
"It also is a first for us in that this transaction can be likened to a joint venture capital project where we are not acquiring the entire business but rather recognising the talents of two young entrepreneurs who have developed a concept and who now need access to the necessary infrastructure in order to realise their dreams.
"We believe Famous Brands can offer that infrastructure. This model is one that we would like to extend to other similar emerging entrepreneurs who want to grow their brand and business but who do not have access to either the necessary capital or infrastructure," says Hedderwick.
The effective date of the transaction is 1 July 2008. Natasha Sideris and Savva Sideris have been appointed managing executive and operations executive respectively and will, from September 1, be employed by Famous Brands, charged with heading up further development and national rollout of the tashas brand.
As the transaction is not material to Famous Brands, the value of the purchase price has not been disclosed.
- I-Net Bridge