Resturant group Spur buys 60% stake in Doppio Zero.
By Lehlohonolo Lehana.
Photo Credit:Marsel Roothman.
Resturant Group Spur, which owns brands such as RocoMamas, Hussar Grill and John Dory's, has bought a 60% stake in restaurant group Doppio Zero.
Making the announcement on Thursday, Spur said that the Doppio Zero brand, which is owned by the Doppio Group along with Piza e Vino and Indian cuisine offering Modern Tailors, had "extensive expertise in the coffee speciality, offering a bakery café experience during the day and more sophisticated dining experience at night".
At the same time, it said the acquisition, the value of which it didn't disclose, will give Spur its first significant daytime dining option.
Spur said its strategy is to expand into categories, markets and channels where it is not fully represented.
Its current speciality dining portfolio currently comprises 40 restaurants across The Hussar Grill, Nikos and Casa Bella brands with dinner trade representing about 71% of speciality turnover.
The Doppio Group will nearly double Spur's speciality portfolio and enable the group to increase its share of the speciality daytime dining market substantially.
"As the Doppio Group operates predominantly in Gauteng, with only 4 of the restaurants located outside the province, the transaction creates an opportunity for the group's franchisees to invest and expand their brand portfolios nationally, particularly with Doppio Zero, which is the most established of the brands," said Spur.
The first Doppio Zero opened as a bakery and café in Greenside, Johannesburg, in 2002. The offering expanded from an artisanal and exclusive bakery into a full-service restaurant, offering Mediterranean specialities and traditional Italian fare.
The Doppio Group generated sales of over R600 million in the financial year that ended 28 February 2023.
A total of 669 employees will be transferred from the Doppio Group, with 14% being support staff and bakery employees. The remaining staff are employed at the company-owned restaurants.
Piza e Vino, a pizzeria with café-style dining and al fresco seating, will add to Spur's existing Italian offering provided by Panarottis (78 restaurants) and Casa Bella (6 restaurants).