Savor is buying Amano (pictured here), Ortolana and The Store, as part of its focus on growing its hospitality business. Savor Group is buying three central Auckland eateries as it doubles down on hospitality after selling its unprofitable Moa Brewing business. Savor is focusing on bars and restaurants after deciding last month to cut its losses and sell its original investment, Moa Brewing Company, which had failed to turn a profit since the company listed in 2012. “The acquisition of these venues, combined with the divestment of Moa Brewing, provides the group with a solid financial base for future growth,” Savor chairman Geoff Ross and chief executive Lucien Law said in a statement. Savor will pay Hipgroup $7.15m in cash, $1m in Savor shares, and an extra $2.85m of cash in a year’s time.

Source: Stuff March 09, 2021 21:10 UTC