While Spur’s interim results make it clear the group is well clear of the pandemic blues, the holding company has a major job on its hands to rejig its now decades-old franchise model.

 “If you look at franchising say 10 or 20 years ago it was a very clear model. Market conditions were more stable, you knew if you invested in a store you would achieve a high double-digit return over the years,” says CEO Val Nichas...

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