Iconic restaurant brand closing stores in South Africa and doubling its profit

This was revealed in the Spur Corporation’s latest results for its 2025 financial year, which outlined the performance of all its restaurant brands in the year through June 2025.

The Spur Corporation operates as a franchisor for John Dory’s and several other well-known South African restaurant brands, including Spur, Panarottis, RocoMamas and Doppio Zero.

As a group, the business performed well. The company’s overall turnover grew by 8.3% to R11.50 billion, while its restaurant network increased to 724 locations.

Panarottis and the company’s Speciality brands were standout performers, having grown turnover by 13.6% and 36.2%, respectively.

However, the bulk of the company’s turnover was still generated by its legacy Spur brand, which grew turnover by 4.8% to R6.64 billion.

Overall, the company made a profit before income tax of R401.65 million, an over 17% increase from the R341.74 million profit recorded in 2024.

However, one drag on the Spur Corporation’s results in its 2025 financial year was John Dory’s, the company’s seafood restaurant brand.

Established in 1996, John Dory’s is a well-known seafood restaurant chain that prides itself on quality food made in a sustainable way.

The Spur Corporation first acquired the brand in 2004, when it bought a 60% stake in John Dory’s.

At the time, John Dory’s was a KwaZulu-Natal-based franchise comprising only seven outlets.

In 2006, the Spur Corporation added another 5% to its stake and, by 2012, had acquired the remaining 35%.

John Dory’s performance has experienced several ups and downs over the past few years.

In the Spur Corporation’s latest results, John Dory’s store network declined from 47 to 46 locations, while its turnover decreased by over 5% to R422.2 million.

Concerningly, the restaurant brand’s profit before income tax declined by 9.21% to R10.06 million.

A new era for John Dory’s

These weak results come after John Dory’s ushered in a new era in August 2024, which saw the chain make a change to its branding.

On 13 August 2024, the Spur Corporation announced that John Dory’s has revealed a new refreshed brand identity and sit-down experience in a new restaurant at Cavendish Square, in Cape Town.

The company said this brand refresh was the result of a “consumer-led, creative exploration”, and a massive undertaking by all involved.

“It is a huge milestone in the brand’s story, in acknowledging its history while looking to the future,” the company said.

“In its 28th year, John Dory’s has taken the bold step to refresh their brand to better meet the needs and expectations of customers.” 

“The new look is an evolution of the brand, drawing on its rich history and past successes, shifting it into a space that celebrates the seafood adventure and the elements that customers love about the brand.” 

In addition to a new logo and brand identity, the brand also updated its restaurant experience with a new interior design language.

“John Dory’s is looking to the future, and, with a fresh new look, the brand is ready to take customers, both old and new, along for what promises to be a very exciting journey,” brand COO Donovan Cronje said.

The table and graphs below show the changes in John Dory’s performance between 2020 and 2025, with the brand having experienced several ups and downs over that period.

The sharp drop seen between 2020 and 2021 is mainly attributable to the Covid-19 pandemic.

Issued on Daily Investor by Blanke Neethling | https://dailyinvestor.com/business/98725/iconic-restaurant-brand-closing-stores-in-south-africa-and-doubling-its-profit/