SAMANTHA ENSLIN-PAYNE: South African companies accelerate their expansion overseas
Over the past few years many South African companies have accelerated their expansion overseas and, with big acquisitions, several now have substantial operations offshore. Woolworths bought Australian retailer David Jones in 2014. TFG, which owns Foschini, bought into the retail sector in the UK with its acquisition of Phase Eight and Whistles. Mediclinic and Netcare have also been buying up businesses, as have property companies, particularly in Eastern Europe. Grocery retailers, banks, telecoms and mining companies have expanded into Africa, and, in some cases, elsewhere.It is not only listed companies that have spread their wings. Nando's now has more stores in the UK than in South Africa and in Australia its store footprint is on a par with its home base, according to a report BMI Research released in February. Its revenue in the UK and Ireland grew substantially from 2010 to February 2016, although profit declined in the year to February 2016. BMI said this was due to acquisit...
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