How did things go so bad so quickly for Gold Brands Investments?
Listed on the AltX in 2016 and its listing got terminated in 2019.
Gold Brands owned 7 brands with crown jewels being Fish & Chips Co, ChesaNyama and Black Steer which were (all 3) later sold cheaply to stay alive
Gold Brands Investments listed 110million shares at R1 each.
41.02% was in the hands of founders Stelio and Praxia Nathanael,
41.02% held by Circle Food Group and
remaining 17,96% were taken up by the public, franchisees and suppliers in a private placement.
Gold Brands founded the Fish & Chip Co franchise business in 2009.
2012, Gold Brands sold Fish & Chips Co toTaste Holdings for R66m.
Gold Brands also tried to have the deal cancelled after selling it🤣
Taste Holdings later disposed of its food business.
Black Steer brand was sold to Laudium Future Equity owned by Christopher van Zyl (41%) and Thys Marcel van Zyl (41%) for R3.2m
As at 28 Feb 2018, Black Steer’s net asset value was R3.34m.
Black Steer had ~17-store steakhouse chain.
In 2019, Gold Brands also sold Chesanyama (consisting of a minimum of 84 stores) for R14m to Laudium Future Equity.
ChesaNyama's net assets subjected to the disposal was R4.3m and the
loss attributable to those assets was R16m.
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