News Cafe Buys Moyo
Cape Town – The moyo group business rescue practitioners confirm that they have secured agreement with a consortium led by Fournews to purchase the moyo brand, trademarks and five remaining restaurants.
The restaurants are situated at Pier, Eden, Kirstenbosch, Melrose Arch and Zoo Lake.
This is conditional upon the vote of creditors.
In the meantime all these locations are trading and remain under the protection of business rescue.
If approved, the plans would preserve jobs for the remaining 500 plus staff and provide a favourable outcome over liquidation for creditors.
Three locations have not been capable of inclusion in a group transaction and will be dealt with by means of liquidation. The three are situated at Spier, the V&A Waterfront and Fountains in Pretoria.
Their liquidation will, however, have no impact on creditors, employees or customers of the remaining restaurants.
The agreement with Fournews follows an intensive sale and marketing process for the moyo group.
For over 17 years the group has conceptualised and successfully operated a number of brands in the franchise industry, consisting of News Café with 40 stores, Café Fino with five stores, illy Go! with three stores and the frozen yoghurt brand Smooch with 23 stores.