DURBAN – Taste Holdings said it is continuing to focus on the expansion and growth of its luxury goods division, which is in line with its revised strategy for the group. Last month, Taste Holdings sold its South African Starbucks franchise for R7 million and intends to exit all of its food businesses.
The group said on Friday that it was engaging with potential suitors to dispose of the Domino’s brand.
“Once Taste has exited the food business, our focus will move to the expansion and growth of the luxury goods division. There has been a short-term contraction in the industry, but opportunities still exist for a strong value proposition and well-managed business,” the group said.
It added that certain shareholders have given some financial support by providing loans totalling R14m to support Taste in executing its strategy to exit the food business.
“Domino’s International Pizza is also providing financial support and assistance in disposing of the Domino’s brand. The loans received will be used for working capital requirements,” the group said.