Starbucks South Africa’s new owner is a day-old company
- The South African licence-holder for Starbucks is selling the entire local operation for R7 million, or just under R540,000 per store.
- It cost the listed Taste Holdings at least R5 million to open each of the 13 local stores.
- The company buying was registered on 31 October, by a Taste director with a long history of investment management.
- For more stories go to www.BusinessInsider.co.za.
The handful of struggling Starbucks stores in South Africa will soon have a new owner, if the current one succeeds in a fire-sale transaction announced on Friday morning.
The JSE-listed Taste Holdings said it would sell the 13 stores it set up – at a cost of at least R5 million each – for a total of R7 million.
That comes to slightly under R540,000 per store.
Taste told shareholders that, "following detailed operational reviews and canvassing potential partners and capital providers, reached the conclusion that Taste should change its strategic direction and exit the food business given that it has become evident that capital investment required for the previous expansion strategy cannot be secured, given the current structure of the business and existing market conditions."
Taste identified the buyer only as K2019548958.
Company records show that company was registered on Thursday, the day before the sale announcement.
Its only director is Adrian John Maizey, a director of Taste Holdings with a long history of investment management.
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