Gold Brands, fledgling fast food group and owner of the Chesanyama franchise, has begun to sell off the family silver in a desperate attempt to raise money. The company has decided to offload its Black Steer franchise business to Laudian, owned by Christopher Leonard van Zyl and Danie van Zyl, for R3.2m. Black Steer’s net asset value was R3.34m as at the end of February 2018. The move marks a significant departure from recent plans to expand the Black Steer brand globally, along with its flagship Chesanyama franchise. But Vunani Securities’ analyst Anthony Clark said Gold Brands had “no choice” to stave off bankruptcy other than by selling assets. “The only value I see is the value of it being a listed JSE shell,” said Clark, which he estimates would be worth between R5m and R6m. In its delayed results to the end of February, released last week, Gold Brands’ auditors flagged “material uncertainty” that the company remained a going concern, given that its total current liabilities ex...

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