22 August 2014
   
New Zimbabwe Header
Snubbed Tsvangirai rules out Bob talks
Renewal Team rejects Tsvangirai amnesty
Adulterous pastor commits suicide
Court chaos as MDC-T youths denied bail
Minister refuses to sign death warrants
Vendors tax: Hre issues ultimatum
We have enough food, Mugabe claims
Tsvangirai vows protests, army ready says Zanu PF
MORE NEWS
Atlas Mara close to ABC takeover
Zimbabwe, China: The numbers
MORE BUSINESS
Big Brother: Another season beckons
Ex-Q denies dumping wife for older lover
MORE SHOWBIZ
Mapeza without duo for Bosso clash
Katsande: Chiefs ready for Platinum test
MORE SPORTS
Grade Mugabe: A pawn star in Zanu PF
‘Cultural revolution’, Mugabe style
MORE OPINION
 
Dr Chireka: Let's talk about infertility
Are those with ‘Arts Degrees’ useless?
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