Gold Brands starts to unravel
Even with the 300-store ChesaNyama in its ranks, this food franchise company has been unable to fulfil its promises
When Gold Brands came to the market in February 2016 its founders, Efpraxia and Stylianos Nathanael, hyped it as being well on its way to becoming the leading fast-food franchise company in SA and internationally. In reality they were bringing to market a micro-cap company destined to inflict serious financial harm upon its shareholders and franchisees. But back in 2016 the Nathanaels seemingly had a good story to tell. It was made more plausible by the emphasis placed on their sale of The Fish & Chip Co franchise business they had founded in 2009 to Taste Holdings in January 2012 for R66m. What they failed to mention was that shortly after the sale they attempted, according to Taste, to have the deal cancelled. The end result was three years of litigation, after which Taste emerged victorious. Be that as it may, there were those gullible enough to fall for the Nathanaels’ line in 2016. Gold Brands’ initial public offer at R1 a share raised R25m and in a scramble for shares on its f...
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