Press release

EFFECT OF THE BOYCOTT ON SPUR CORPORAITON

May 24, 2017

This boycott is affecting a minority of Spur branches in areas with certain demographical characteristics. Spur Corporation is a solid company with a diverse portfolio whose growth and performance in the past have been resilient, and we expect that to continue. Spur is however greatly concerned about the effect of the boycott on individual franchisees who are the hardest hit by this action and the effect on the people employed by them.

It is common cause that consumer confidence took a severe blow when Mr Pravin Gordhan was fired as Minister of Finance, car sales are down, foot counts in shopping malls are down, and the economy is at best lacklustre. Under these trying circumstances which affect the economy as a whole, we have been surprised by the resilience of Spur Restaurants.

We have full faith that the company will weather the current storm with the same resilience it has shown over the past fifty years and will continue to deliver value to our investors and customers alike for a long time to come.

Ends

Issued by Spur Corporation

For further information, kindly contact

Pierre van Tonder, Spur Corporation   021 555 5100  

 

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