Ocean Basket

About Ocean Basket

A South African seafood-focused casual dining brand founded by Fats Lazarides in 1995, Ocean Basket made its UK debut in February 2022 with a site in Bromley, adding site number two later that same year. The brand currently operates 200 restaurants in 19 countries including Cyprus, South Africa, Mauritius, Kazakhstan, Dubai and Malta under a franchise/licence model. In July 2024, chief executive Grace Harding told Propel it is ready to franchise in the UK after “learning from our mistakes and immersing ourselves in all aspects of the UK restaurant environment” - and that 50 sites here is a “very conservative” estimate. Despite franchising in other markets, it resisted doing so here at first - instead focusing on learning the UK market while opening company-owned stores. “Kingston is a destination town, and that site is doing very well, but we knew Bromley wouldn’t be an instant cash cow,” Harding said. “We chose Bromley deliberately. It was the right area to train our team and test the menu and model. After adapting, refining and building a strong UK team, we are now ready to grow and ready to franchise. We hope to get a first new site open perhaps in the autumn of 2025, and 50 sites is a very conservative estimate - we could do more. Our offering and models are very flexible and could be suited for selected high streets, malls and surrounds of London and the broader UK. We see the UK as a gateway to other markets too.” In September 2025, Ocean Basket closed its debut UK site, in Bromley. The business said: “We have shared seafood feasts, laughter and special moments with you. It’s time for us to say farewell to Bromley. The great news is our team at Ocean Basket Kingston is ready to welcome you with open arms, warm smiles and all your seafood favourites.”

Why franchise with Ocean Basket

• ✓An experienced team will help with evaluation and selection of a suitable premises, legal negotiations, layout and design and site development. New franchisees will undergo an intensive training course taking in all key areas of running an Ocean Basket restaurant. This includes support for ten days after opening, access to brand standards and training manuals, and assistance with recruiting employees. Franchisees also enjoy access to global sustainable seafood sourcing and financial feedback on their business. The initial franchise fee of 150,000 rands (£7,400) covers training and set-up costs and is refundable should the franchisee fail to procure either the necessary development funding of same, or a lease. This gives them the right to use the brand name and associated intellectual property. The franchisor is required to design, equip and develop the site selected, and to this end, a separate costing of a site will be provided to each individual. An ideal Ocean Basket restaurant is approximately between 200 and 250 square metres, and the cost will be calculated individually per restaurant, with an estimation of between 2.5m and 3.5m rands (£123,900 and £173,500) exclusive of VAT and joining fee, but inclusive of design and project management fees. The construction takes approximately eight to 12 weeks from the date of beneficial occupation, provided all financial requirements have been met. Ocean Basket levies a 10% professional fee on costs associated with the development of a new restaurant, and this is the only mark-up charged. The franchisee is required to pay a recurring non-refundable monthly royalty fee of 4.5% of the gross revenue, and every month, franchisees will pay 2.5% of the monthly gross sales towards marketing. Monies not used are carried over to the next fiscal year’s advertising budget. Advertising fees are non-refundable. It is a requirement that the franchisee, or its members and any designated managers, as well as the working team, successfully pass the franchisor’s selection system of management. These persons must then complete the franchisor’s training programme to a reasonable satisfaction for final approval. All expenses incurred in training must be borne by the franchisee, while the franchisor will provide and pay only for the training instructors, facilities and required training materials. On opening day, the franchisor’s training team will be present to assist in the start-up of the new outlet. All employees also have to pass a training programme relating to their specific job functions, with all training done at head office and the designated training restaurant in each region. The franchisee will not be entitled for a period of three years after termination of the agreement to own, operate or have any interest in the ownership or operation of any similar restaurant outlet within a radius of 1km of any Ocean Basket franchise. The franchisee cannot own, operate, or have any interest in the ownership or operation of any other outlet without prior written consent. Upon renewal, the franchisee would enter into a new franchise agreement, the terms of which would be renegotiated. Restaurants are to be revamped every five years, with the extent of the refurbishment determined by the franchisor. Each franchisee shall have a dedicated restaurant support manager, who will assist in the opening and on-going operations. The minimum own contribution required is 50% of the total capital outlay required, but Ocean Basket has strong working relationships with all major banking institutions and can assist with the finance application process. The projected group average restaurant turnover for 2019 was 800,000 rands excluding VAT (£40,000) per month. Ocean Basket has a fixed pricing per menu cycle policy which means all products supplied by Ocean Basket through their supply chain partners are sold at a fixed price for the duration of a menu cycle. The purchase of products from Ocean Basket approved suppliers is mandatory to ensure consistency of quality.