Chicken Licken may do an empowerment deal when it lists
Durban – Chicken Licken would sell a portion of its business to either the public or a black economic empowerment (BEE) partner when it listed on the JSE in about 15 months, managing director George Sombonos said yesterday.
“Personally, I favour the first option, but when you list, you have all these advisers that you have to listen to, and it is new territory for us,” said Sombonos. “At this stage we do not even know if we would want to retain the control of the business when we list; it is early days.”
Chicken Licken aims for turnover of R1 billion by 2010. Sombonos said it would do this by opening more stores in areas where they were not yet available.
“We advertise on national television, but we have not taken advantage of that because there are markets that we have not entered,” he said. “I think if we can have 268 stores, we can reach our R1 billion target even before 2010.
“If you look at Cape Town, we only have four stores and there is huge potential. There are also places such as Butterworth, Bloemfontein and East London, where we do not have shops.”
Chicken Licken has 220 stores countrywide, 60 percent of which are in the hands of black franchisees. Turnover has doubled over five years, reaching R630 million in the year to June.
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