Spur opens new restaurant franchise
Restaurant group Spur Corporation has opened a new franchise called Ciccio that will serve as a sub-brand of Piza e Vino after it incorporated its owner, the Doppio Group, under its wing after buying the majority stake earlier in 2023.
“The first Ciccio restaurant opened in Melrose Arch in October 2023 in the site previously occupied by the Piza e Vino company-store, and is well suited to this upmarket trading location,” the group, valued at about R2.5bn on the JSE, said on Thursday about the new bespoke Italian-inspired eatery.
The company, which first announced in July that it will take a 60% stake in the group whose brands include Doppio Zero, Piza e Vino and Modern Tailors, said the transaction is now unconditional and was implemented on December 1.
The Doppio Group has 37 franchised and companyowned restaurants, a bakery and a central supply chain business.
“We are now well-positioned to capitalise on opportunities to expand the Doppio Group’s restaurant portfolio and grow its presence nationally,” CEO Val Nichas said.
“The new brands will strengthen Spur Corporation’s position in the daytime speciality dining market and accelerate the group’s entry into the speciality coffee market,” she added. Modern Tailors is an Indianinspired restaurant with one store in Rosebank, Johannesburg, with a second set to open in 2024.
In August, the Spur Group reported a hefty increase of 81% in headline earnings per share (HEPS), double-digit revenue growth and much improvement in its Panarottis pizza and pasta brand after a redesign.
It also said at the time it will focus on expanding the Doppio chains outside Gauteng and growing its franchise brands so it has a stronger lunchtime cafe presence.