TRT
TRT
TRT - Tourvest Acquires four Cape Restaurants
Tourism Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/008144/06)
Share code: TRT
ISIN: ZAE000012472
TOURVEST ACQUIRES FOUR CAPE RESTAURANTS
Johannesburg, 19 February 2007 - Tourvest has acquired four well-known seafront
restaurants in Cape Town - La Med, Quay Four, the Black Marlin and Bertha`s - in
line with its strategy of building up a portfolio of strategically located
tourist destination restaurants. The transaction is subject to regulatory
approval and other conditions precedent.
Executive director Eric de Jager said the group`s aim was to grow its share of
the tourist spend while at the same time expanding the operations of its retail
merchandise division. He noted that independent research showed that foreign
tourists spent some 14% of their discretionary budget on food against 15% on
souvenirs and gifts. Accommodation accounted for 31% and leisure
activities/entertainment for 11%.
"Our focus is solely on tourist destination restaurants, which we define as
restaurants where the location and food, rather than the quirks of fashion,
attracts customers on a sustainable basis. The four Cape restaurants all meet
this criterion. La Med is on the Clifton beachfront, Quay Four is a V&A
Waterfront landmark, the Black Marlin is a long-established restaurant at
Miller`s Point en route to Cape Point, and Bertha`s in Simonstown is a regular
stopover for passing tour groups. All are highly popular with foreign as well
as domestic tourists," de Jager said.
Tourvest entered the restaurant sector of the tourism market in July 2004 when
it acquired the SANParks outlets at Addo Elephant, Storm`s River Mouth and
Mountain Zebra. The initial thinking was to secure a small, but strategic
portfolio on the popular Garden Route. In mid 2006, it entered the Cape Town
tourist restaurant market with the acquisition of Tank in the Bo-Kaap. The
Group has also recently expanded into tourist accommodation through the
acquisition of the Adderley and Casa do Sol hotels, the Makalali game lodge and
the hotel management business Relais Hotels.
For further information call Eric de Jager on 082 900 3416
Issued by du Plessis Associates on behalf of Tourism Investment Corporation.
dPA contact Helen McKane Tel : +27 11 728 4701, Fax: +27 11 728 2547, Mobile:
082 330 2034 or e-mail: tourvest@dpapr.com
website : www.tourvest.co.za
Date: 19/02/2007 10:00:01 Produced by the JSE SENS Department.
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