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Approval obtained for moyo business rescue

Cape Town - The moyo group joint business rescue practitioners Stefan Smyth and Alison Timme announced that there has been overwhelming support and approval of the business rescue plans.

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.

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.

Business rescue proceedings were introduced to South African company legislation some three years ago to promote this very outcome.

It provides the time, protection and intervention enabling companies to be rescued instead of being liquidated.

Fournews Developments was founded in 1995 and are owners/operators of News Café, Café Fino, Smooch Frozen Yoghurt, GO!, Phat Panda, Headline Leisure Management and Fusion Foods.

Fournews employ in excess of 3 000 staff and have operations in South Africa and across the continent.
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