28 November 2014
   
New Zimbabwe Header
Sibanda arrested over Mugabe bedroom coup
Zanu PF a lawless organisation, Makoni
Sikhala released, summoned again
50,000 jobs lost as 4,000 firms close
Herd boy: Spirits told me to rape girl, 3
Govt wage bill to rise further, Chinamasa
New farmers taxed to compensate whites
Free-speaking Gumbo tears into Mugabe
MORE NEWS
RBZ sees liquidity constraints easing
Meikles narrows half year loss to $2,8m
MORE BUSINESS
Madonna gets Malawi VIP status back
Soccer great Pele in intensive care
MORE SHOWBIZ
ODIs: Bangladesh beat Zimbabwe, lead 4-0
Highlanders target foreign coach
MORE SPORTS
Beyond congress purges, ZimAsset beckons
SA 2002 poll report: Exposing the lie
MORE OPINION
 
Zimbabwe: Where to from now?
Yamamoto: Blood sucking mafia bleeding Zim
MORE COLUMNISTS
 
 
Lobels rescued, resumes operations
10/12/2012 00:00:00
by Herald
 
 
RELATED STORIES

LOBELS Holdings has resumed operations at its Harare bakery, after a successful recapitalisation, group chief executive Ngoni Mazango said.

Five local banks — FBC Bank, CBZ Bank, NMB Bank, Metbank and Capital Bank — who were owed US$14 million by one of the country’s oldest bakeries took over the company and invested US$4,5 million in plant refurbishment and new plant acquisition.

“We have resumed and we are going to compete fairly,” said Mazango without elaborating.

"We are starting with the old plant that we have refurbished. In March, we will be commissioning a new line and this will give us a combined daily output of 250,000 loaves. We are now here to stay.”

Baker’s Inn, the biggest market player, produces an average of 350,000 loaves a day.

Mazango said the company had retained 450 workers and would be hiring more when the new plant is commissioned.
 
He said the company was poised to reclaim its market share after the commissioning of the new line.
 
Lobels was once a market leader in the baking industry.

During its closure, it lost its market share to competitors such as Baker’s Inn and Proton Bakeries. At full capacity, Lobels produced an average of 300 000 loaves a day.

The company began operations in the late 1940s under the Lobels brothers and was subsequently acquired by a consortium of business entrepreneurs in 2002.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark
 
 
 
comments powered by Disqus
 
RSS NewsTicker