South African Taste Holdings to exit food business, sells Starbucks stores

04.11.2019 13:47 "Agro Perspectiva" (Kyiv) — As of last week, Taste Holdings (TASJ.J), owner of Starbucks and Domino’s Pizza franchises within South African Republic, said it was abandoning the food business, and had already sold its 13 stores of the coffee chain to a consortium for 7 million rand (US$464,000), Reuters says referring to the Taste Holdings report. As to Taste Holdings, it was also in discussions on the sale of Domino’s (DPZ.N) and its two other food businesses, restaurant chain Maxi’s and The Fish & Chips Co, as part of a new strategy to become a solely luxury retail group. It had been trying to turn its food business around after putting Starbucks (SBUX.O) and Domino expansions on hold a year ago amid losses — making Taste one of a string of retail firms hurt by a troubled South African economy. However, it said that after months of canvassing potential partners and capital providers, it had become evident that the money required to fund its plan could not be secured with the current business structure and market conditions. As to Taste Holdings, the Starbucks outlets had been sold to a company called K2019548958 (South Africa) Proprietary Limited, a consortium whose members were not identified in full.

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