May 13, 2020 / 11:01 AM / 20 days ago

South Africa's Spur talking to financial institutions as precautionary measure

JOHANNESBURG, May 13 (Reuters) - South African franchise restaurant chain Spur Corporation said on Wednesday, as a precautionary measure it is talking to financial institutions to secure credit facilities should the lockdown extend beyond the current year.

Based on the group’s cash resources, management does not anticipate needing to access external funding for at least the next six months, Spur said in a statement.

But as a precautionary measure should the economic impact of the new coronavirus pandemic be more severe than currently expected, it is engaging with financial institutions, the owner of Spur steak house and Panarottis Pizza Pasta, added. (Reporting by Nqobile Dludla; editing by Jason Neely)

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