Taste to sell luxury goods division in group restructure
JSE-listed fast-food business franchising group Taste Holdings has decided that each of its food and luxury goods divisions would be better served as standalone businesses and that it will sell its luxury goods division in due course.
Part of this intended restructure will see Taste settle its long-term bond debt of R225-million and fund the growth of Starbucks and Domino’s Pizza stores through a combination of equity and debt more suited to the start-up nature of the food division.
Having initiated a process for the sale of the luxury goods division, the company has concluded that now is not the opportune time to execute such a sale.
This is owing to the prevailing macroeconomic environment and generally tough retail trading conditions.
Taste is therefore evaluating alternatives to settle its debt, which may have a material effect on the price of the company’s securities.
Taste Holdings said in a note on Friday that it expects to report a loss a share of between 15.6c and 16.6c for the period ended August 31, representing a year-on-year decline of between 69.6% and 80.4%.
The group expects a headline loss a share of between 15.5c and 16.4c, representing a year-on-year decline of between 72.2% and 82.2%, compared with a headline loss a share of 9.0c reported for the prior-year period.
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