5 July 2015
   
New Zimbabwe Header
Moyo to be 'replaced as information minister'
Mutasa: Real remorse or nostalgic maniac?
Govt sends jobless new nurses to Sth Sudan
HIV+ woman ‘rapes’ 3 year old boy
Govt fails to pay for 2014 youth games
$780k fraud RBZ bosses released on bail
Ditched diamond geezer torches Ex’s home
SADC probes Lesotho ex-army chief murder
MORE NEWS
CSC cattle herd almost wiped out
Meikles posts $34m loss, targets DRC
MORE BUSINESS
Rapper P Diddy avoids assault charges
Zim Fashion Week sashays Birmingham
MORE SHOWBIZ
Depleted Chicken Inn face Caps Utd
Liverpool eye Hernandez, Arsenal on Benzema
MORE SPORTS
Why are female killers seen differently?
Mujuru saga and women in politics
MORE OPINION
 
US gay law: Wrong never became right
The Word Our Victory: Work mates
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