Spar gets R2bn to exit Polish disaster
Ill-fated entry into the market began in 2019 with the acquisition of an 80% stake in a struggling retailer
22 November 2024 - 05:00
Spar’s lenders have extended it a R2bn bridge financing package, with a portion of the money to be used to settle the hefty debt of its Poland business as part of the deal that will see the retailer sell the business — ending a disastrous chapter in its history.
The sale, announced in September, will see Spar settle the firm’s funding debt, amounting to an estimated R2.7bn, as part of the transaction that will see it sell the cash-sapping business Specjal for R185m...
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