Famous Brands has acquired the franchise agreements, trademarks and intellectual property of the O’Hagan’s Irish Pub and Grill brand from O’Hagan’s Franchising (Pty) Ltd for an undisclosed sum. The purchase consideration is less than 0,5% of Famous Brands’ market capitalisation. The acquisition will be funded through existing cash reserves, and will be earnings enhancing.
Assuming successful conclusion of the due diligence exercise, the effective date of the transaction is 01 December 2010.
Currently the O’Hagan’s franchised network consists of 26 outlets, 22 in South Africa, one in Botswana, one in Zambia and two in Zimbabwe.