Nedbank appointed as Nando’s borrowing banking partner
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| Terence Sibiya |
Terence Sibiya, Nedbank Corporate and Investment Bank Executive Head of Relationship Management and Coverage, says 'In addition to the services we have offered Nando's over the past decade, we have recently granted a R320 million borrowing facility to the company, enabling it to capitalise further on its already successful strategy and achieve its ambitious growth plans.'
One of South Africa's biggest home-grown success stories, Nando's was established in 1987 and now operates from more than 1 000 outlets in 30 countries worldwide. It has recently recorded huge growth in the North American market, with sales there having increased by nearly 40% in 2013.
Geoff Whyte, Southern Africa CEO at Nando's, says the continued partnership between the organisations has been an important factor in Nando's realising its growth aspirations of increasing the restaurant's footprint, improving the business chain's quality and services, as well as revamping stores to standards that are comparable with its UK and Australian offerings. 'As the business has evolved, so too have our banking requirements, and Nedbank has been a trusted partner throughout this journey. Key to the success of this partnership has been Nedbank's thorough understanding of our business, which is instrumental in ensuring that we have the correct solutions to meet our needs.'
'Nedbank is committed to the continual improvement of the solutions we offer to clients to ensure that we proactively meet our clients' ever-changing banking needs,' concludes Sibiya. 'We are confident that our innovative transactional corporate banking capabilities will help Nando's to continue growing and thereby contribute to its ongoing success.'
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