Johannesburg - Spur Corporation
[JSE:SUR] on Thursday announced that one of its wholly-owned subsidiaries had acquired the Kapsimalis Family Trust's 35% interest in John Dory's for R12.25m.
Spur is now the owner of the entire issued share capital of John Dory's. Spur previously owned 65% of John Dory's.
The franchise restaurant group said it had settled disputes between it and certain of its directors on the one hand, and founder and MD of John Dory's Franchise Stamatis Kapsimalis and his family trust on the other.
John Dory's declared and paid a dividend of R3.25m to Spur, and R1.75m to the Kapsimalis Family Trust.
In October last year it was disclosed that Kapsimalis was taking court action against Spur's MD Pierre van Tonder and financial manager Ronel van Dijk.
Kapsimalis was seeking more than R4m in damages.
According to the Business Report, Kapsimalis' first complaint was that a series of rentals was allegedly subsidised by the John Dory's franchise to benefit a restaurant owned by Van Tonder and Dean Hyde, a non-executive director at Spur.
"The second (complaint) arises from rebates earned by and due to John Dory's, allegedly concealed and retained by Spur over seven years," the newspaper said in November.