Spur CEO Earns R26.1m as Strategy Cycle Ends
Val Nichas's 2026 pay rose as Spur completed the five-year strategy she led from 2021.
Updated on Nov. 9, 2026 in Business Strategy
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Spur Corporation CEO Val Nichas earned R26.1m in total remuneration in the 2026 financial year, up from R20.6m in 2025. The pay came as the group completed the five-year strategy cycle she was appointed to lead in 2021.
Why it matters
The strategy was shaped by the need to protect the business during the Covid-19 pandemic, which brought restaurant closures, restrictions and financial pressure on franchisees. Its outcome is a key measure of how the group's model has recovered and grown in South Africa.
Total pay rose to R26.1m from R20.6m, made up of R6.6m guaranteed pay, a R5.4m short-term incentive, R597,000 in bonus-matching shares and R13.4m from share appreciation rights. Restaurant turnover grew at a compound annual rate of 15.3% over the five-year strategy period.
The players
Val Nichas
Spur Corporation's chief executive, who was appointed in 2021 to lead the group's five-year strategy.
Spur Corporation
A South African restaurant group listed on the JSE since 1986 that operates a franchised network of restaurants.
The details
Nichas's short-term incentive was weighted 80% on company performance, which scored 102.5%, and 20% on personal performance, which scored 133%. Over the period, customers served annually rose from 48 million to 56 million and Spur's share price reached a record R45.49 on 29 May, the highest since the group listed on the JSE in 1986.
Timeline
2021: Nichas is appointed to lead the five-year strategy.
November 2023: Share appreciation rights are allocated.
2025: Nichas's total pay is R20.6m.
29 May: Spur's share price reaches a record R45.49.
2026 financial year: Nichas earns R26.1m as the strategy cycle is completed.
Market Landscape
Spur's BEE rating improved from level 8 in 2022 to level 4 in the 2025/26 assessment, a shift that runs alongside its growth from 624 to 751 restaurants. The gains place the group's transformation record and expansion on the same trajectory over the strategy period.
Franchise and loyalty figures signal how Spur's restaurant network and rewards programme are expanding for South African customers. Franchisees' R400m in investment over two years points to continued changes in store offerings.
The takeaway
Spur's results show that a franchised restaurant group can grow its network and customer base through a downturn when it protects franchisee returns. Watching how the next phase balances growth with franchisee earnings will show whether that model holds.
Further reading
Explore more on Business Strategy in South Africa.
Source note: This article includes information reported by Business Day.
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