Funding for 50 new Fish & Chip Co stores

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 security to buy a franchise‚ the companies said in a statement on Wednesday (31 July).

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 joint statement from the three companies said.

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

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

New franchisees now need to invest R120‚000 in cash instead of the full R550‚000. The balance of the set-up cost (including working capital) is funded by Nedbank.

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

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