South Africa

Flush TFG poised for acquisitions

The group’s takeover of Jet has paid off, and it is looking for deals

Foschini owner TFG has some serious firepower at its disposal - potentially R15bn in cash and borrowing facilities - to hunt for what CEO Anthony Thunström calls the "right acquisitions" across its different geographies and retail segments.

In an interview this week after the release of results for the year ended March 31 2021, Thunström said many assets were for sale in SA, Australia and the UK, where TFG operates, as many retailers had been struggling even before Covid-19 because of overexpansion and cannibalisation of markets due to the growth of online retail...

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