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Taste keeps Fish & Chip Co on the hook

Johannesburg - Quick service restaurant group Taste Holdings [JSE:TAS] on Monday said it was still involved in negotiations regarding the acquisition of The Fish & Chip Co.

This followed previous cautionary announcements on August 8 and September 20.

The Fish & Chip Co, is a take-away fish chain, with over 160 franchised outlets mainly targeting the lower income consumer.

"Taste sees massive opportunities for growth in the business, as over 100 of the 160 outlets are in the Gauteng area which means that the other provinces are largely untapped," said Carlo Gonzaga, CEO of Taste Holdings.

Gonzaga added that the deal would also add volume to the current manufacturing capabilities within Taste, and expose the group to the lower LSM segment through one of the largest chains operating in that sector.

Last week, Taste reported a 51% rise in first-half profit, largely on the back of growth in its new food services division to which it supplies sauces, spices and pizza toppings.
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