Spur setback in China
Johannesburg - JSE-listed family restaurant franchisor Spur Corporation closed one of its outlets in China due to “extremely challenging” trading conditions, the group said on Wednesday in its annual report.
“During the past year we opened two new stores in China, where trading has proven to be extremely challenging and we have had to close our restaurant in Shanghai,” the group said.
Spur, which owns the brands Spur Steak Ranches, John Dory’s Fish and Grill and Panarotti’s Pizza Pasta, announced in March this year that it would open two new restaurants in Shanghai and Fuqing.
Spokesperson Graeme Lillie said the group would continue trading in Fuqing but would proceed with caution regarding any future developments.
“There’s nothing to it really, the outlet in Shanghai was shut down due to under performance,” said Lillie, adding that the group’s plans to expand its brands internationally were still “very much” on the cards despite a minor setback in China.
The two restaurants opened in China brought the group’s total number of new restaurants opened in South Africa and overseas to 34 over the past year. This expansion saw the group’s restaurant base across all brands passing the 300 mark to reach 321. The group’s restaurant base internationally stands at 34 outlets with 24 Spur Steak Ranches and eight Panarotti’s Pizza Pasta outlets in the United Kingdom, Australia, China, Africa and Mauritius.
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