Famous Brands has announced that the Group has sold its controlling 51% stake in boutique café brand, tashas™, to the founding Sideris family, who hold the remaining 49%.
The sale is in line with the Group’s three year-strategic roadmap which includes a narrower focus of investment of resources in the Signature brands portfolio, which includes tashas™.
tashas™ was founded in 2005 by Natasha Sideris, partnered by Savva Sideris, her brother. In 2008 the Group acquired a 51% stake in the business, which comprised two restaurants. As at 30 July 2020, the network comprises 18 restaurants in South Africa and eight in the United Arab Emirates.
The acquisition consideration falls below the threshold of a categorised transaction in terms of the Listings Requirements of the JSE Ltd. There are no suspensive conditions and the deal is effective 1 August 2020. The financial information on which this announcement is based has not been reviewed or reported on by the Group’s external auditors.
* the tashas™ brand is held in the legal entities Mountain Rush 4 (Pty) Ltd and Tashas Group Limited.
24 August 2020