Funding deal for 50 new Fish & Chip Co. franchisees

The initiative‚ known as Sisonke (the Zulu word for "we are together")‚ aims to provide competitive funding for potential franchisees who‚ under normal circumstances‚ would not have the required security to acquire a franchise‚ the companies said in a statement on Wednesday.

The Fish & Chip Co. is a fast-food franchise brand owned by Taste Holdings.

Since its inception‚ more than 300 outlets have been established countrywide‚ enabling the creation of much-needed jobs‚ the statement read.

It is estimated that more than 3‚300 employment opportunities have been created to date‚ through about 250 individual franchisees operating The Fish & Chip Co. stores.

"Taste has for a long time held the view that franchising is corporate social responsibility in action every day. By partnering in an innovative way‚ three corporates are making a unique contribution to the economy by creating meaningful jobs through sustainable entrepreneurship‚" Taste Holdings CEO Carlo Gonzaga said.

Franchisees need to invest a basic deposit of R120‚000 in cash instead of the full R550‚000. The balance of the total set-up cost (including working capital) will then be funded by Nedbank.

The Fish & Chip Co. managing executive of Marcel Strauss said the agreement would add to the company's black economic empowerment success and its footprint in SA to ensure further market entrenchment.

"With more than 76% of our more than 300 nationwide stores being black-owned‚ we have no doubt the tripartite agreement will be able to further expand our brand's impeccable growth and market penetration‚" he said.