Article source: Fin24.com
According to Fin24 the South African restaurant group moyo have commenced voluntary business rescue proceedings.
THe article states that the directors of Gootspa Investments and its trading subsidiaries, which
trades under the moyo brand, hope this strategy will enable the moyo
restaurants to contintue with "business as usual".
"Business rescue affords protection for all key stakeholders’ interests
in the business to be understood and protected whilst the optimal
solution for all involved is determined," the group said.
prospect of preserving employment for over 600 employees and
revitalising the business to return to its long term goals is precisely
what was envisaged when business rescue legislation was passed some two
The eight moyo restaurants are situated in the Western Cape, KwaZulu-Natal and and Gauteng.
The moyo group of restaurants, which describe themselves as a unique destination for a modern, sophisticated African experience have long been a favourite destination for locals and tourists visiting South Africa.
With traditional African menu selections served a la carte or buffet style the moyo experience includes traditional face painting, tables set in tree-houses, sweeping sea views and other typical African experiences.
The group has expanded the number of restaurant outlets rapidly over the past few years with the latest addition opening at the Kirstenbosch Botanical Gardens.
For the full story click here.