Grand Parade Investments (GPI), which owns the master franchise agreement for Burger King in SA, is mulling over selling down its stake in restaurant franchisor Spur Corporation. GPI, which trades at an enormous discount to its 650c a share net asset value, has been facing calls from shareholders to unlock value. The company has also experienced an exodus of top executives in the past year, including the CEO and finance director in recent weeks. Speaking to Business Day on Friday, GPI acting CEO Hassen Adams said consideration was being given to selling off a portion of its 18.5% stake in Spur to raise proceeds that could be reinvested in growing the footprint of fast-food brand Burger King and Dunkin’ Donuts. GPI also holds the Baskin Robbins ice-cream parlour master franchise for SA, but the roll-out of stores appears to have been put on ice with rumours that this could be sold in the short term. At Spur’s ruling price, GPI’s stake is worth more than R490m. But Adams stressed GPI ...
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