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Denny grows mushroom business
Denny says that it will target wealthy black consumers in a drive to boost mushroom sales according to the company's chief executive, Roger Coppin. Denny was recently sold by AVI for R263,5-million to a consortium that includes the management team, RMB Ventures and Pan African Equity Fund One.
Business Report says that growth plans for the company include reaching new consumers, particularly those in the emerging black market, where few customers were apparently aware of the nutritional value of mushrooms.
Before its sale, AVI reported that Denny's revenue had grown by 7% to R385,2-million and its operating profit increased by 8,9% to R50-million. The company performed well in terms of getting fresh mushrooms to market and embarking on an aggressive strategy to boost sales.
The total value of fresh mushrooms sold in South Africa is R600-million.
