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EXCLUSIVE | Probe finds Spar shared 'unrealistic' estimates of profits with store buyers

Jan Cronje

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A probe into Spar found the company overestimated the profits of stores.

A probe into Spar found the company overestimated the profits of stores.

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An independent probe requested by JSE-listed grocery chain Spar has found that the retailer overpromised how much some new store owners would earn, while understating their expenses.

The "limited financial information" that the group did provide to buyers was "insufficient" to give an accurate reflection of the stores' historical performance, the probe found.

As a result, some buyers were shocked when they started to lose money.

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