The company said the acquisition was part of its “stated strategy to expand its presence in the evening casual dining environment”.
The purchase, which falls below the threshold of a reportable transaction according to JSE listing requirements, would be settled in cash, the company said.
Famous Brands group CE Kevin Hedderwick said: “In line with our goal to compete more vigorously in the sit-down evening casual dining category, we have been actively exploring acquisition targets which align with our best-in-class criteria.
“The Mythos brand ticks all the boxes. This acquisition provides a significant opportunity to boost our offering in a market segment where we are under-represented and which affords strong growth potential for our business.”
Mythos was launched in 2006 by founder George Kutra. The original restaurant was opened, and remains, in the Design Quarter in Fourways, Sandton. Today the Mythos chain comprises six additional restaurants located in a range of high-end malls in the greater Johannesburg and Pretoria area.
Reference: Business Day Live – www.bdlive.co.za