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<\/a><\/p>\nIn a shareholder announcement, Spur said that it would acquire the 51% shareholding from the founding family members, Peter, Nicolette and Nicholas Triandafillou and Pano Economou, who will retain the balance of the shareholding and continue to manage the business with the support of the Spur group\u2019s franchising expertise.<\/p>\n
The purchase consideration will be calculated based on a five-times earnings multiple after year three. Spur Corporation will have an option to acquire an additional 19% shareholding after three years.<\/p>\n
“We believe the Nikos Coalgrill Greek brand has the potential to expand to around 50 restaurants nationally over the next few years,” said Spur Corporation CEO Pierre van Tonder.<\/p>\n “We are pleased to be able to retain the services and expertise of the founders who are passionate about the Nikos brand and traditional Greek food.<\/p>\n He added that Spur – as a multi-brand restaurant franchisor – is experienced in acquiring and expanding niche restaurant concepts.<\/p>\n “Our most recent acquisition, Rocomamas, has grown from five outlets when we bought the business in 2015 to a national footprint of 64 restaurants with a further six outside South Africa,” he said.<\/p>\n<\/a><\/p>\n