Simbisa spends US$4,5m on new stores

Senior Business Reporter
Zimbabwe’s largest fast — food restaurant operator ,Simbisa Brands, has so far spent US$4,5 million of the US$15,5 million the  company aims to invest under its expansion programme that will see 45 new stores opened this year.

In an interview on Wednesday, Simbisa Brands chief executive, Mr Warren Meares, said the expansion programme was progressing “quite rapidly” in Zimbabwe.

The company is also looking to open 30 more outlets across Africa and this brings the total capital expenditure to US$23 million.

“So far, we have spent US$4,5 million on new stores in the country and an additional US$11 million will  be deployed to complete our expansion programme in the current financial year, which ends in June 2023.

“We are happy about the progress that we have made as we have moved quite rapidly in Zimbabwe,” he said.

Simbisa owns restaurant chains including Pizza Inn, Fish Inn and Chicken Inn, as well as franchises for Nandos and Steers of South Africa.

It employs over 6 000 people in Zimbabwe.

“At present, we have 291 stores across the country employing over 6 000 people,” said Mr Meares.

Last month, Simbisa moved from the Zimbabwe Stock Exchange (ZSE) to Victoria Falls Stock Exchange (VFEX), which trades exclusively in United States dollars.

VFEX was officially launched in October 2020, setting the tone for the operationalisation of the Victoria Falls Special Economic Zone, one of the key initiatives being implemented by the Second Republic.

The stock exchange is a game changer in the trading of securities as well as a conduit for portfolio investments and foreign direct investments in the rest of Africa in hard currency.

The Government has designated the resort city of Victoria Falls as a hub for tourism and financial services under the Special Economic Zones  concept with a view of attracting tourists as well as luring investors through tourism investment.

VFEX closed the year 2022 on a high note with market capitalisation at US$411 million.

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