Grand Parade Investments to negotiate the disposal of its Burger King shares
The renegotiation comes when Burger King has been significantly impacted by Covid-19 lockdown.
Grand Parade Investments has announced that it is renegotiating the disposal of its shares in the Burger King franchise due to Covid-19.
In February, Grand Parade said that it would sell all of its shares (95.36 percent) in Burger King South Africa to ECP Africa Fund as part of an ongoing restructuring process. The deal also included all of its shares in Grand Foods Meat Plant.
Prior to lockdown, Burger King reported a challenging operating environment, but was still reporting profitability despite this. However, under lockdown, the restaurant has not been able to operate at full capacity.
As a result of the Covid-19 impact on Burger King, the parties are renegotiating the terms and conditions of the disposal.