The holding company, which also has Scooters Pizza, St Elmo’s and Maxi’s in its stable, will be using the proceeds to establish 25 new corporate-owned Domino’s Pizza outlets by the end of August.
At least 30 additional franchised Domino’s stores are expected to be created by the same date. Taste launched its first six Domino’s Pizza outlets between October and December 2014.
Gems and pizza slices
Not all of the proceeds are set to go to opening new pizza stores, the capital injection has seen a dough production facility in Cape Town established earlier than planned, and will also be used to help replenish cash used to acquire jewellery retailer Arthur Kaplan in November 2014, which has exceeded expectations to the extent that an additional R10 million will be added to the agreed R20 million earn-out set in the purchase agreement.
R69,8 million was raised through subscription shares to new and existing public investors, while R25 million was raised by issuing shares to Brimstone Investment.