Moyo brand business rescue approved

By Drum Digital
04 April 2014

A business rescue plan for the Moyo restaurant brand has been approved, the group said on Friday.

"The plan cements the deal to sell the well-known African themed restaurant chain Moyo to Fournews and is now unconditional resulting in the rapid transfer of the business," the Moyo Group said in a statement.

"This will result in some 400 jobs being saved and reinvigoration of the brand and remaining restaurants consisting of Eden, Kirstenbosch, Melrose Arch, Zoo Lake, and Durban Pier."

A business rescue notice was filed with the Companies and Intellectual Property Commission in October last year.

Stefan Smyth and Alison Timme were appointed to oversee the business rescue process and assess how entities could be restructured.

There are eight Moyo restaurants -- in the Western Cape, KwaZulu-Natal, and Gauteng.

Section 133 of the Companies Act places a general moratorium on legal proceedings against a company in business rescue. The act recognises the interests of shareholders, creditors, and employees and allows for them to participate in the development and approval of a rescue.

The group said it was poised to return the Moyo brand to its former status with the support of Fournews Development.

Fournews, founded in 1995, are owners or operators of brands such as News Cafe, Cafe Fino, Smooch Frozen Yoghurt, and Fusion Foods.

Source: Facebook.com

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