Lewis has green light for Botswana, Lesotho stores

Cape Town - Lewis Group has received regulatory and competition approvals for the acquisition of 20 Ellerines and Beares stores in Botswana and 10 in Lesotho, the group said on Monday.

This follows the announcement in November 2015 of the proposed acquisition of 62 Ellerines and Beares stores in southern Africa for approximately R250m. This effectively doubled the group’s African store footprint.

The group said the stores in Lesotho have been integrated into its operations, while the Botswana stores will commence trading in the Lewis stable from early March 2016.

Competition approvals are still awaited on the 21 stores purchased in Namibia and six in Swaziland.

Lewis already expanded into neighbouring southern African countries in the late 1960s. Prior to these acquisitions, the group had 62 stores in these four countries.

CEO Johan Enslin said the acquisition of these Ellerines and Beares stores will enable Lewis to expand and diversify its southern African footprint.

“We are not only gaining access to new segments of the furniture retail market but also expanding our existing customer base in each of these countries. Once all these stores are fully operational they are expected to make a meaningful contribution to the group,” he said.

Lewis Group purchased the Beares brand and 61 stores in South Africa in November 2014 after parent company Ellerines Furnishers was placed under business rescue.

Enslin said the Beares chain has since been expanded to 84 stores in South Africa and enabled the group to attract customers in higher income segments than its traditional target market.

“The addition of the Beares stores in southern Africa will further improve our buying power and bring immediate scale benefits,” he said.


 

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
14.60
+1.1%
Rand - Pound
20.07
+0.6%
Rand - Euro
16.94
+1.1%
Rand - Aus dollar
10.83
+1.1%
Rand - Yen
0.13
+1.6%
Gold
1,767.22
-1.6%
Silver
23.32
-0.9%
Palladium
2,076.50
-3.1%
Platinum
1,060.26
-0.1%
Brent Crude
84.00
+1.0%
Top 40
60,494
+0.2%
All Share
67,029
+0.3%
Resource 10
64,347
-0.1%
Industrial 25
84,819
+0.7%
Financial 15
13,961
-0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Facebook is facing a fresh crisis after a former employee turned whistle-blower leaked internal company research . Do you still use Facebook?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, the benefits outweigh the risk for me
23% - 86 votes
No, I have deleted it
45% - 165 votes
Yes, but I am considering deleting it
32% - 117 votes
Vote