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3 days ago

Uplifting Trust Medium 65% #ocean basket #restaurant industry #south africa #international expansion #business recovery #hospitality #entrepreneurship #post-covid #food and beverage #cyprus

Ocean Basket CEO Grace Harding on global expansion and post-Covid reinvention strategy

Podcast Briefing 2:45

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Key Strategic Points

  1. 1 Ocean Basket closed nearly 20 restaurants in South Africa between 2021 and 2024 as Covid-19 highlighted underlying business health issues, but achieved 14% growth in the last year despite fewer outlets and challenging economic conditions.
  2. 2 The company operates nine restaurants in Cyprus with plans for 16, and has expanded beyond sit-down casual dining into dark kitchens, takeaway formats, and five distinct business models to provide affordable seafood across multiple channels.
  3. 3 International operations now span over 23 sourcing countries, with presence in Cyprus, Malta, Dubai, Abu Dhabi, Saudi Arabia, Qatar, Kazakhstan, Zimbabwe, Kenya, and Namibia, generating significant revenue such as 3 million rand monthly at the Namibia outlet without alcohol sales.
  4. 4 Ocean Basket closed its Bromley restaurant in the UK in 2024 after entering in 2022, but Kingston operations are now growing 20% month-on-month following application of South African reinvention strategies focused on value-for-money positioning.
  5. 5 The company's primary operational challenge is sourcing sustainable seafood globally while managing supply chain complexity, not geopolitical or currency headwinds, as nearly all product is purchased outside South Africa and the strong rand provides currency advantages.

Notable Quotes

“Post-Covid we knew was going to be a complex time and reflecting now it was definitely the dark transition to the next rebirth. Between 2021 and 2024 end of 24 we closed nearly 20 restaurants in South Africa, but we grew last year by 14% which is incredible in the economic conditions with fewer restaurants and many more customers.”

— Grace Harding, Chief Executive, Ocean Basket

“Ocean Basket is no longer one business. It's actually become quite a few businesses. So that ability to pivot and be more responsive to what the customer wants as opposed to saying no we're a seafood restaurant opens doors.”

— Grace Harding, Chief Executive, Ocean Basket

“We are the only seafood exclusive brand in the world and some days I say to myself oh my god why are we doing this but it is such a unique skill and that is always going to be our biggest challenge where to find the seafood make sure it's responsible and shipping it all over the world.”

— Grace Harding, Chief Executive, Ocean Basket

“Six months ago if somebody would have said to me can I take it I probably would have said what time can I meet you at the door? But now the formula is working in Kingston.”

— Grace Harding, Chief Executive, Ocean Basket

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