Sorbet owner Long4Life cuts its stake in Spur

Long4Life, the owner of Sorbet salons and Sportsman's Warehouse, has reduced its interest in Spur from 15% to 3.6%, only four months after it upped the shareholding in the restaurant group. 

The disposed shares amount to 10.4 million, according to a noticed issued on Thursday. 

The company, headed by Bidvest founder Brian Joffe, now has just under 4% of the shares in issue that hold voting rights, as opposed to just over 16% previously.

Analyst Anthony Clark suggested that the move by Long4Life in October to increase its the stake in Spur could have been speculative, given Joffe's history of doing business.

"He bought at a good price and has made some profit," said Anthony.

Spur Corporation includes brands such as Panarottis Pizza Pasta, Spur Steak Ranches, Spur Grill & Go, John Dory’s Fish Grill Sushi, RocoMamas, The Hussar Grill, Casa Bella and Nikos Coalgrill Greek.

Spur shares [JSE:SUR] were on Thursday trading down 7% at R24.51 in the late afternoon afternoon.

Compiled by Sibongile Khumalo