Taste acquires The Fish & Chip Co

Johannesburg - Quick service restaurant group Taste Holdings [JSE:TAS] said on Tuesday, through its wholly owned subsidiary, Buon Gusto Cuisine, that it has entered into a sale of business agreement with The Traditional Fish & Chips, to acquire The Fish & Chip Co.

The purchase price was R65m, along with a maximum of R1m of stock on hand. Taste said it intends to fund the purchase price through an appropriate mix of equity and debt funding.

The Fish & Chip Co is one of the largest fast food fish take-away businesses in the country with about 170 outlets, the majority of which are in Gauteng.

The group expects to have over 195 outlets and annualised system-wide sales of over R300m on the effective date of the acquisition, February 1 2012.