News / National
Munyeza's elite Mugg and Bean shuts branch
29 Jan 2018 at 09:57hrs | Views
Zimbabwe's Mugg and Bean (M&B) franchise owner Shingi Munyeza, has shut down one of the exclusive restaurant's joints - Avondale branch - following non-renewal of its lease.
Munyeza - who also holds the seafood-themed Ocean Basket and pub-restaurant News Café franchises - told the Daily News that they were looking around for a suitable place to relocate the Avondale restaurant.
"The lease expired and they did not renew it...the tenant wants to use the space for something else," he said.
"We are looking into spaces where we can open. We cannot just open it anywhere. We have to look at a suitable centre and the malls are limited. Yes, Ocean Basket at Avondale was also discontinued for the same reasons that they want to develop it for something else."
Munyeza's outlets target the affluent.
The remaining M&B outlet is located at the upmarket Sam Levy's Village shopping centre in Borrowdale, which first to be opened in 2013.
The restaurant chain originated from South Africa, operated under Vinale Investments.
Munyeza said he was looking at bringing in other popular franchises, but was considering the issue of royalties.
"We are looking into it and considering which centres they could be open. There is also the issue of paying royalties which need to be paid in foreign currency, which is not available in Zimbabwe," he said.
Most companies in Zimbabwe are facing foreign currency challenges, with listed firms failing to remit United States dollar-denominated dividends to foreign-based shareholders.
Munyeza - who also holds the seafood-themed Ocean Basket and pub-restaurant News Café franchises - told the Daily News that they were looking around for a suitable place to relocate the Avondale restaurant.
"The lease expired and they did not renew it...the tenant wants to use the space for something else," he said.
"We are looking into spaces where we can open. We cannot just open it anywhere. We have to look at a suitable centre and the malls are limited. Yes, Ocean Basket at Avondale was also discontinued for the same reasons that they want to develop it for something else."
Munyeza's outlets target the affluent.
The remaining M&B outlet is located at the upmarket Sam Levy's Village shopping centre in Borrowdale, which first to be opened in 2013.
The restaurant chain originated from South Africa, operated under Vinale Investments.
Munyeza said he was looking at bringing in other popular franchises, but was considering the issue of royalties.
"We are looking into it and considering which centres they could be open. There is also the issue of paying royalties which need to be paid in foreign currency, which is not available in Zimbabwe," he said.
Most companies in Zimbabwe are facing foreign currency challenges, with listed firms failing to remit United States dollar-denominated dividends to foreign-based shareholders.
Source - dailynews
