22 October 2017
   
Mugabe UN honour offensive; Irish min
Gukurahundi event: cops block Dabengwa
PRC: No contest, Mujuru our automatic boss
Mthwakazi: Zim men target our women
Biti: Govt worsening Zim high risk profile
Gweru heeds Mugabe order, clears vendors
Harare city spends 600k monthly on fuel
Four face 9 years jail over dead pangolin
MORE NEWS
EU to Zim: Speed up economic reforms
Zim currency crisis: When the market rules
MORE BUSINESS
Mr Ugly is back! 13 up for 2017 gong
EU Film Festival comes to Bulawayo
MORE SHOWBIZ
Huddersfield hand Man U first defeat
Premiership takes Chibuku break
MORE SPORTS
Zimbabwe is Africa’s shakedown state
Napping dictator no Mandela match
MORE OPINION
 
Sunday Roast: Brave, heroic diarrhoea!
Clerics! Please plead the cause of the poor
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