Ellerine ex-CEO heading Zimbabwe's Innscor | Fin24
 
  • Ferial Haffajee

    Why should SAA employees pay for the sins of Dudu Myeni and Jacob Zuma?

  • The Namibian Link

    Evidence is mounting that VBS Mutual Bank aided another elaborate bank heist.

  • Mobile Merger?

    Telkom has confirmed it is in talks to buy network operator Cell C.

Loading...

Ellerine ex-CEO heading Zimbabwe's Innscor

Nov 19 2014 17:19

Harare - A former chief executive at failed furniture retailer Ellerine is now heading Zimbabwe's largest fast food and retail group, Innscor Africa.

Innscor runs the popular Chicken Inn and Pizza Inn chains, as well as the local operations of supermarket Spar.

Ellerine was forced into business rescue in August after parent company African Bank Investments (Abil) cut off funding. Days later Abil was rescued by the South African Reserve Bank.

Appointed head of Ellerine in 2003, Antonio Fourie stepped down in February, by which time the furniture-selling company was choking from losses.

Fourie, who is having to shuttle between the two countries because he has no work permit, could not be reached for comment.

Read: Former Ellerine boss heads to Zim

An assistant in his office in Harare told Reuters he was out of the country and that Innscor was still waiting for his work permit.

It can take six weeks or more to process a work permit in Zimbabwe and Fourie lodged his application more than two months back, an official at Innscor with knowledge of the issue said.

Fourie was last month quoted by local online news agency The Source as saying he would undertake a restructuring exercise to cut costs, improve efficiencies and increase Innscor's return on equity to 30% from the current 23%.

Innscor, which is growing its footprint in Africa, reported a 35% decline in full-year earnings to June after consumer spending in the southern African country was hit by an economic slowdown.

ellerine  |  african bank  |  zimbabwe  |  fast foods  |  retail
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Comments have been closed for this article.
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...