Source: Algoa FM
The owners of the South African fast-food franchise Domino’s Pizza have moved to auction off the contents of their stores throughout the country.
Owner JSE-listed Taste Holdings announced late in 2019 that it would be exiting the food business (Starbucks, Domino’s Pizza, Maxi’s and The Fish & Chip Co.) and shifting its focus to luxury goods.
The decision to auction off the franchise was made after Taste Holdings failed to acquire an investor for the ailing business.
Park Village Auctions (PVA) is the company responsible for the upcoming auction of Domino’s Pizza.
Offers to purchase the contents of the franchise have opened as of Tuesday, July 21, and will end on August 5 at 12 noon.
The auction includes the contents of 50 fully fitted stores as well as food preparation factories, all of which are located throughout the nine provinces of South Africa.
However, the auction will not be held in a conventional way; rather, bidders will make their offers online. The joint provisional liquidators of Taste Holdings will then review the bids and declare the winning bidder.
According to Andrew Dix-Peek of Park Village Auctions (PVA), all the contents of each pizza outlet are to be sold complete or in a combination of lots.
The three preparation factories that are located in Gauteng and Western Cape provinces are also to be sold in lots or in set combinations.
“The stores – fully equipped – stand ready to trade, allowing an investor to ‘hit the ground running’ in the current economic climate where food for delivery or collection currently reigns over sit-down meals,” said Dix-Peek in a statement on Tuesday.