Empowerment group Grand Parade Investments (GPI) says it will reduce its holdings in its fast-food Burger King chain once it has managed to make it profitable, allowing the parent to return to its roots as an investment holding company. GPI was formally known for holding minority stakes in several gambling concessions in the Western Cape before it started running Burger King in 2013. Acting CEO Mohsin Tajbhai said the company expects the burger chain to make a profit before the end of the 2020 financial year. The strategic shift that saw GPI go from being a holding company to running fast-food outlets has not been a success, with the food division yet to turn a profit. Several minority shareholders also criticised its management’s lack of experience in running the businesses. Tajbhai, the fourth CEO in three years, acknowledged the group had made mistakes when it came to rolling out the outlets. It had learned its lesson and the chain was in a turnaround phase after management close...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.