The short version: Pick n Pay draws R4.7bn cash into the business through sale of Boxer shares

Getting straight into it, to further fund its turnaround plan, Pick n Pay has sold 57.3 million of its shares in Boxer, allowing it to draw a R4.7bn cash injection into the business. Despite relinquishing such a significant number of shares, Pick n Pay will still own a majority in Boxer (i.e. 53.1% of the business), importantly allowing it to benefit from the discounter’s strong growth thus far. The transaction, says Pick n Pay “will enable the Group to continue executing on its strategic priorities, investing ahead of the plan, with a clear pathway to returning the core Pick n Pay Stores segment to cashflow break-even”. Interestingly, the stock market currently values parent company Pick n Pay almost 2.5 times lower than Boxer, with a market capitalisation of R16.2bn for PnP versus R37.5bn for Boxer (values correct at time of publishing).

The short version: The SPAR Group streamlines operations further by selling UK business AWG.

The big stories don’t end with Pick n Pay’s news, either. This week, the SPAR Group has confirmed that it will be selling its UK business in South-West England, AWG. Out of SPAR’s international portfolio, which included ventures in Switzerland, Poland, the UK, Sri Lanka and Ireland, only the last two remain now, with SPAR specifically stating that the Irish BWG Group will remain under its umbrella. No mention of the Sri Lanka JV though. Some of the UK stores will go to AFB, a well-known family-owned SPAR UK wholesaler, which has also agreed to relieve SPAR of AWG’s warehouses and logistics infrastructure. Another 63 AWG stores will be sold to third-party operators. Fortunately for the Group, unlike the other foreign transactions, this deal will not result in SPAR losing any money, which is super… although, the business won’t be making any either. But there is a bigger picture, of course: “This transaction reflects the deliberate actions we are taking to reposition SPAR for long-term sustainability and growth across the network,” new CEO, Reeza Isaacs, said. “We are simplifying the Group, strengthening our balance sheet, and ensuring our leadership focus and capital are directed toward the areas where we can create the greatest value.”

The short version: Famous Brands’ solid fast-food performance mitigates softer demand in dining out.

Famous Brands, owner of South African fast-food favourites such as Steers, Debonairs, Wimpy and Fishaways, has released a good set of full-year results to end Feb 2026, with revenue +5.6% to R8.74bn. For the most part, the business was carried by its South African ‘Leading Brands’ segment (those mentioned above, which grew by a net +64 restaurants), which managed to offset a tougher time for brands in its casual dining and international portfolio due to softer consumer demand for dining out. Its supply-chain division did well, however, delivering +7% revenue growth to R6.2bn, thanks to sustained front-end demand for things like patties, sauces, potato products and frozen goods. Other news on the international front is Famous Brands’ expansion into Malaysia, where it has launched a Steers and Debonairs combo, combining the burger brand and pizza brand into one kitchen. The rollout has been done in partnership with MESRA Retail & Café, a subsidiary of Malaysian fuel company Petronas, with 800 forecourt convenience sites ready for the taking.