The 36 million rand investment by Spur is structured in the form of equity and shareholder loans.
“Our investment gives us access to a top-quality product at competitive pricing, benefitting our Spur franchisees and, in turn, their customers,” said Spur Corporation chief executive, Pierre van Tonder.
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“The deal is expected to contribute to greater pricing stability for our franchisees, afford them consistent quality of supply and keep menu prices accessible for our customers.”
Braviz Fine Foods is currently establishing a new world-class meat processing facility in Johannesburg that will specialise in processing rib cuts, and is scheduled to begin production by December this year.
The 6,000 m² meat processing plant, which is being built at a cost of 120 million rand, will have the capacity to process 700 metric tons a month and will be able to supply ribs to the 272 franchised Spur Steak Ranch restaurants in South Africa.
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“The highly advanced technology of the facility, coupled with the expertise of the other shareholders, who are industry experts and who will be responsible for day-to-day operations, will maximise efficiencies within the supply chain,” said van Tonder.
“It will also ensure that the highest standards of quality and food safety are observed.”
He added that ribs are a major feature of the Spur Steak Ranch menu and that the ‘Bottomless Ribs, Wings or Calamari’ promotion offered at Spur Steak Ranches, is growing in popularity with customers.