SPUR CORPORATION LIMITED - Implementation of Doppio Group Acquisition and Update on Doppio Group Expansion

Implementation of Doppio Group Acquisition and Update on Doppio Group Expansion

 Spur Corporation Limited
 Incorporated in the Republic of South
 Africa
 Registration number: 1998/000828/06
 Share code: SUR
 ISIN: ZAE 000022653
 ("Spur Corporation" or "the group")

IMPLEMENTATION OF DOPPIO GROUP ACQUISITION AND UPDATE ON DOPPIO GROUP EXPANSION

Shareholders are referred to the SENS announcement dated 27 July 2023 advising that
Spur Corporation entered into an agreement to acquire a 60% interest in the restaurant
brands Doppio Zero, Piza e Vino and Modern Tailors, with a portfolio of 37 franchised
and company-owned restaurants, as well as Doppio's bakery and central supply business
("the Doppio Group") from the founders and shareholders, Paul Christie and Miki
Milovanovic ("the Acquisition").

Spur Corporation is pleased to confirm that the Acquisition is now unconditional and has
been implemented with effect from 1 December 2023.

Since the group's announcement of the Acquisition, the Doppio Group has established a
sub-brand of Piza e Vino, Ciccio, an all-day bespoke Italian-inspired eatery. The first
Ciccio restaurant opened in Melrose Arch in October 2023 in the site previously occupied
by the Piza e Vino company-store, and is well suited to this upmarket trading location.

Modern Tailors, the Indian-inspired company-owned restaurant in Rosebank,
Johannesburg, continues to trade well and expand its customer base. A second Modern
Tailors is scheduled to open in the second quarter of 2024.

A new Piza e Vino franchised restaurant was opened in Knysna in November 2023.

Spur Corporation CEO Val Nichas said: "We welcome our new partners Paul and Miki to
the Spur Group. We are now well-positioned to capitalise on opportunities to expand the
Doppio Group's restaurant portfolio and grow its presence nationally. The new brands will
strengthen Spur Corporation's position in the day-time speciality dining market and
accelerate the group's entry into the speciality coffee market."

Cape Town
7 December 2023

Sponsor
Questco Corporate Advisory Proprietary Limited

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Date: 07-12-2023 07:05:00
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