In partnership with
Loading...

First Spur to open in Ethiopia

Apr 21 2015 20:00

(Supplied)

Company Data

SPUR CORPORATION LIMITED [JSE:SUR]

Last traded 26
Change 0
% Change 0
Cumulative volume 95072
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Engen aims to spur online shopping deliveries

Spur buys gourmet brand to up niche presence

Langa eatery pride of Africa's biggest tourism event

Ocean Basket to expose 'unlawful copycat'

TGI Fridays sells UK franchise

Debonairs, Shoprite seal deal in Angola

 

Johannesburg - Spur has signed its first Ethiopian Spur Steak Ranch franchise agreement with Cucina Trading, based in Addis Ababa.

Spur Corporation [JSE:SUR] is multi-brand restaurant franchisor group listed on the JSE.

The Spur Steak Ranch, which will be situated at Abyssinia Plaza in the capital, is expected to be operational within six months. A second franchise, Panarottis Pizza Pasta, is expected to open within a year.
 
“Ethiopia is a dynamic, productive country with one of the highest gross domestic product (GDP) growth rates in Africa. It holds many opportunities for entrepreneurs like our new partners," said Pierre van Tonder, CEO of Spur Corporation in South Africa.

READ: Spur buys gourmet brand to up niche presence

"Spur International plans to have 100 restaurants in Africa outside of South Africa within five years, so it makes sense for us to have a presence in one of Africa’s fastest-growing economies."

Spur International currently has 39 restaurants in 12 African countries north of South Africa, and will soon be opening another two in Arusha, Tanzania, as well as one in Kenya and one in Zambia.

At present the only international eateries in Ethiopia are offered by a few branded hotels. There are no international franchises in the country. The Spur Steak Ranch at Abyssinia Plaza will be the first.

READ: Debonairs, Shoprite deal in Angola

Mulugeta Demissie, managing director of Cucina Trading, is upbeat about bringing the brands of Spur International to Ethiopia.

“We’re secure in our decision to work with Spur International. Their mission to provide outstanding food and excellent service synchronises perfectly with our vision to raise the standards of the hospitality industry in our country and beyond," said Demissie.

Demissie is confident the Spur and Panarottis brands will work well within the history and culture of Ethiopia. Eating meat is a widespread and there is a taste for Italian cuisine in the country, particularly amongst the youth and the middle-income demographic.

The Cucina Trading investment will initially create 60 new jobs in Addis Ababa. Cucina Trading is the newly established sister company to real estate company Noah Real Estate.

ALSO READ: Restaurants' mark-up of wine leaves sour taste


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

spur corporation  |  africa  |  ethiopia  |  restaurants  |  retail
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

#SAVINGSMONTH

Five of SA's top financial brains, including SARB governor Lesetja Kganyago share their best savings habits.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

I am not in a position to save because:

Previous results · Suggest a vote

Loading...