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Famous Brands buys 51% of Italian restaurant chain

Apr 25 2016 09:40

(www.lupa.co.za)

Company Data

FAMOUS BRANDS LIMITED [JSE:FBR]

Last traded 36
Change 2
% Change 5
Cumulative volume 163090
Market cap 0

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

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Cape Town - Famous Brands [JSE:FBR] has acquired a 51% controlling stake in Lupa Osteria, an authentic Italian restaurant business trading in the full-service family casual dining segment.

The country’s biggest fast-food restaurant chain hopes to expand Lupa Osteria's current three restaurants in KwaZulu-Natal to 35 restaurants across South African and Africa. Famous Brands is well-known for restaurants like Wimpy, Mugg & Bean, Steers, Debonairs and Milky Lane.

“Over the past year our stated strategy has been to explore and capitalise on opportunities in the casual dining category - one of the quickest growing segments in the restaurant industry over the past decade,” Famous Brands CEO Darren Hele said in a statement on Monday.

“Trading is buoyant in all three existing restaurants, with high levels of consumer acceptance, positive feedback and repeat business,” he said.

The purchase consideration falls below the threshold of a categorised transaction in terms of the listings requirements of the JSE Limited and will be settled from cash reserves. It therefore did not disclose the amount it paid for the stake. Its share price was at R116.69 at 09:20 on Monday.

“As consumers continue to follow international trends, we will increasingly see them choosing to patronise their local restaurant, a familiar, comforting haven in their immediate neighbourhood,” said Hele.

Lupa Osteria’s co-founders, Guy Cluver and Chris Black, have more than 45 years of experience in the hospitality industry.

“When we conceptualised Lupa four years ago, underpinning our strategy was the belief that we could grow the brand nationwide,” said Cluver.

“We were confident that if the brand found traction in the KwaZulu-Natal market, as it has, it would do well elsewhere,” he said. “With (Famous Brands') extensive experience and infrastructure the group will help us realise our ambitions for Lupa.”

“Our inspiration is Roman-style Italian food, as opposed to other variants of Italian cuisine, which is why we chose the name ‘Lupa’ - the she-wolf synonymous with and symbolic of Rome.

“Our pasta is homemade and our pizzas are wood fired, using only imported Italian flour and the finest local ingredients, contributing to the authentic Italian taste experience.”

famous brands  |  restaurant  |  hospitality
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