SPAR Groups turnaround plans gathered pace with the conclusion of a sale agreement for the disposal of SPAR Poland to local Polish retailer Specjal for about R3 billion.
The sale of SPAR Poland was for 40 million Polish zloty (R185m), while SPAR would be required to recapitalise the business, which is estimated to cost PLN 586 446 288 (R2.7 billion), the majority of which would be achieved by SPAR settling the businesss funding debt, a statement said yesterday.
Specjal is a Polish retailer and wholesaler established in 1990 with a reputation for growth and innovation, a statement from Spar said yesterday.
The widely anticipated deal provides certainty for SPAR investors, removes loss-making business from the balance sheet and allows SPAR to focus resources into its core business in South Africa, as well as take advantage of new growth opportunities.
This also gives clarity to our employees in Poland, who now have the potential to expand the business under the ownership of Specjal, a company with the requisite resources, scale, and capacity to take these assets to the next level, SPAR Group CEO Angelo Swartz said.
