- Food and beverage company Kenafric Group which acquired Britania Foods Limited jointly with the Indian company Britannia Industries is poised to resume operations. Kenafrica took over the company two months back in a deal estimated at Sh1 billion.
Food and beverage company Kenafric Group which acquired Britania Foods Limited jointly with the Indian company Britannia Industries is poised to resume operations. Kenafrica took over the company two months back in a deal estimated at Sh1 billion.
It has also announced its decision to reinstate a third of the workers who had been put on temporary redundancy two years ago after the distressed biscuit maker closed. The firm stated that with the revival of the factory, the company will engage over 400 workers in the coming two years, surpassing the previous number of employees.
Kenafric chief executive officer Keval Shah disclosed that over the two months the firm had renovated the factory and acquired the necessary machinery. The revamped machinery it said has increased the manufacturing capacity to 1,200 tonnes of biscuits per month, a six-fold jump from the 200 tonnes that were being produced before the closure. The first batch of products is expected to hit the market by next week under a new brand name Britannia.
Apart from the Sh1 billion spent on the acquisition deal, Kenafric and Britannia Industries propose to invest an additional $5 million (Sh600 million) into the new acquisition as working capital.
Britania Foods was declared insolvent in August last year and was placed under administration for defaulting on loans worth more than Sh1.3 billion provided by DTB Group and other creditors.
Also read;
https://trendsnafrica.com/kenyan-cabinet-gives-approval-for-gmo-products/
https://trendsnafrica.com/ustr-begins-efforts-to-draw-up-a-road-map-for-us-kenya-engagement/
