If we look specifically at the Zebro’s transaction, the first and most obvious point is that other chicken brands have really battled to break the stranglehold that Nando’s and KFC have on the sector. The R17m price tag over 40 outlets would suggest this is a low-margin business, so the question will be whether or not Taste can extract operating synergies. One hopes that it is not simply trying to buy earnings by making multiple acquisitions. The company presently trades on a price-to-earnings multiple of around 26 times, which looks expensive relative to the more mature Spur and Famous Brands offerings. Having said that, Taste is clearly ramping up growth and does appear to have some ability to sweat its assets.