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# John Dory’s is down to 39 restaurants, and a tough year could put even more on the chopping block
- URL: https://www.businessbagel.com/john-dorys-store-closures-spur-rationalisation/
- Published: 2026-08-24T02:30:00.000Z
- Updated: 2026-08-24T02:29:59.000Z
- Description: The seafood chain's revenue fell 17.4% in a year when group revenue rose 8.5%, and the plan is to shrink it rather than sell it.
- Author: Christian Maidman
- Tags: Companies, Business Bagel News

Spur's finance chief was asked which of the group's South African brands had the hardest year, and she named John Dory's. The seafood chain closed seven restaurants in the year to June and opened two.

That leaves 39 outlets, down from 55 in 2020, a 29% cut in six years. Revenue fell 17.4% and profit fell 23.3%, and the brand now brings in 2.9% of group revenue against 3.8% a year earlier.

## What rationalisation means here

Chief executive Val Nichas told the results presentation the group will either convert or close John Dory's outlets while refining the ones that trade best. She said it is normal for brands in a portfolio not to perform at the same level in the same cycle, and that this one has challenged the group more because of the sensitivity of the seafood category. Investors will keep seeing weak growth from the brand while the portfolio is rationalised, she said. There is a turnaround plan, though she said it may need a bit more creative and innovative thinking. Selling is not on the table: at this stage, she said, the group does not intend to dispose of the brand. Finance chief Cristina Teixeira told the same presentation that John Dory's has held revenue of R9 million and profit of R4 million per half-year, and that growth in the category remains challenging.

## Panarottis and Spur went the other way

Panarottis grew its store count from 97 to 102 and lifted profit before tax 19.5%. Spur's speciality brands closed five stores and still grew profit before tax 5.2%. The Spur brand itself passed 100 restaurants trading under its revitalised concept by year-end and is at 104 now, and 89% of the Panarottis network carries the updated store design. Across the group, franchised restaurant turnovers rose 6.9% to R12.3 billion and revenue rose 8.5% to R4 190.7 million, from 751 restaurants in 14 countries.

The year around all of it was hard. Spur describes constrained consumer spending, rising input costs, heightened competition, labour and skills pressures and a continued shift towards value, convenience and digital channels, with the sharpest competitive pressure coming from quick-service chains, delivery aggregators and heavy promotion in burgers, pizza and family dining.

Spur plans to open 50 new restaurants in South Africa and 16 internationally in the 2027 financial year. John Dory's, on the group's own account, will be getting smaller.