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Innscor Africa has snapped up News Café and Ocean Basket franchises from investor and restauranteur Shingi Munyeza.
By Melody Chikono
Munyeza told businessdigest Tuesday that he had sealed a deal with Innscor Africa, but would not be drawn into disclosing how much he got for the businesses.
Innscor is already invested in the quick service restaurant through its Simbisa Group, which owns Chicken Inn, Pizza Inn, and Bakers Inn.
“Yes, we did a deal with Innscor Africa,” he said.
On how much he got, Munyeza said: “Unfortunately I can’t say how much I got.”
He added that he was happy with the deal.
“I think the business will be in safe hands and they have the forex for the franchise fees,” Munyeza added.
His News Café pub-restaurant and seafood-themed Ocean Basket franchises were positioned for the mid-top-end of the market.
Munyeza disposed of a controlling equity stake in African Sun, a leading hotel management group and Dawn Properties, a real estate company, a few years ago.
Innscor is said to be planning to convert Fife News café to a Nandos outlet.
When the first Ocean Basket restaurant opened its doors in 1995, South Africa had just held its first democratic elections.
Seafood restaurants were reserved for the upper class, and a portion of prawns was a real extravagance.
News Café was established in 1995 and offers and facilitates a premium entertainment experience for its customer base by serving food offerings and premier beverage choices in an atmosphere that is contemporary, vibrant and relevant.
Over the past two decades, News Café has grown from a single store, established in 1995, to a multi-national household name. Munyeza, now a full time pastor, has largely been concentrating on his ministerial work.