Famous Brands sells controlling stake in Tashas
Group offloads 51% stake in restaurant group to Sideris family, who holds remaining 49%
Famous Brands has sold its controlling 51% stake in boutique cafe brand Tasha’s.
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. That currently includes chains such as as House of Coffee and Turn 'n Tender.
The sale for an undisclosed amount is to the founding Sideris family, who held the remaining 49%.
Tasha’s was founded in 2005 by Natasha Sideris, partnered by Savva Sideris, her brother. In 2008 Famous Brands acquired a 51% stake in the business, which comprised two restaurants, for about R10m.
As of end-July, the network comprises 18 restaurants in SA and eight in the United Arab Emirates. The deal is effective August 1.
In morning trade on Monday the share price of Famous Brands was unchanged at R47.04, having fallen 39.69% so far in 2020.
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