Spur Corporation Limited, a prominent player in the South African dining industry, has officially concluded the acquisition of a 60% stake in the renowned restaurant brands, Doppio Zero, Piza e Vino, and Modern Tailors. The acquisition, which became unconditional on 1 December 2023, marks a strategic move for Spur Corporation in expanding its restaurant portfolio and solidifying its presence in the day-time specialty dining market.
Founded by Paul Christie and Miki Milovanovic, the Doppio Group boasts a portfolio of 37 franchised and company-owned restaurants, a bakery, and a central supply business. The newly acquired brands are set to enhance Spur Corporation’s position in the market and accelerate its foray into the specialty coffee market.
Since the announcement of the acquisition, the Doppio Group has wasted no time in introducing innovative culinary concepts. The establishment of a sub-brand, Ciccio, an all-day bespoke Italian-inspired eatery, showcases the group’s commitment to culinary diversity. The first Ciccio restaurant, strategically located in Melrose Arch, opened its doors in October 2023, taking over the site previously occupied by the Piza e Vino company store.
Modern Tailors, an Indian-inspired company-owned restaurant situated in Rosebank, Johannesburg, continues to thrive and expand its customer base. Buoyed by its success, the group has announced plans to open a second Modern Tailors restaurant in the second quarter of 2024, a testament to the brand’s popularity.
In a bid to broaden its national footprint, a new Piza e Vino franchised restaurant was unveiled in Knysna in November 2023. This expansion not only enriches the Doppio Group’s presence but also aligns with Spur Corporation’s overarching strategy for growth.
Val Nichas, CEO of Spur Corporation, expressed his enthusiasm for the successful acquisition and welcomed founders Paul and Miki to the Spur Group. In a statement, Nichas highlighted the strategic advantages of the acquisition, stating, “We are now well-positioned to capitalize on opportunities to expand the Doppio Group’s restaurant portfolio and grow its presence nationally.”
Nichas emphasized the potential of the newly acquired brands in strengthening Spur Corporation’s foothold in the day-time specialty dining market and accelerating the group’s entry into the specialty coffee segment. The CEO’s optimistic outlook hints at further growth prospects and innovation on the horizon.