Fresh start as CSC exits business rescue

The development signals the successful conclusion of a lengthy recovery process initiated to restore CSC’s operations and protect jobs after years of financial distress that nearly brought the once-vibrant beef exporter to its knees.

Nqobile Bhebhe-Zimpapes Business Hub

Cold Storage Company, once Zimbabwe’s largest beef producer, has officially exited corporate rescue following the successful implementation of the turnaround measures to revive one of the country’s most iconic agro-industrial assets.

According to a notice published over the weekend, the corporate rescue process, which began in December 2020, has now formally ended.

“Notice is hereby given pursuant to Section 125 (2) of the Insolvency Act [Chapter 6:07] that a notice of substantial implementation of the corporate rescue plan of CSC, adopted by affected persons on April 15, 2025, has been filed with the Master of the High Court.

The corporate rescue proceedings of CSC ended with effect from October 16, 2025,” read the statement by outgoing corporate rescue practitioner, Mr Crispen Mwete.

Operational control of the Bulawayo headquartered company will now be handed back to its management and board.

“Any issues relating to the company must henceforth be directed to the company’s management and board,” the notice added.

CSC has been struggling to sustain profitable operations over the past years and faced the risk of liquidation as creditors demand their dues.

Mounting debts and accusations of poor management and alleged corruption, among other factors, had dragged the company into insolvency, while an increased risk profile made it difficult to attract fresh investment or working capital.

At the time of corporate rescue, experts attribute insolvency to several factors such as corporate governance failures, imprudent financial management, adverse changes in external factors, internal constraints such as inadequate funding, old equipment, loss of key suppliers, customers and personnel.

Its creditors include Zesa Holdings, the National Social Security Authority, and the urban councils of Bulawayo, Harare and Chinhoyi.

CSC’s assets comprise multiple ranches, including Maphaneni in Kezi, Dubane in Gwanda, Darwendale in Mashonaland West, Umguza in Matabeleland North, Chomfukwe, Umzingwane-Railway Block Gwanda, Chivumburu in Masvingo, Mushandike (Meyers Rust) in Masvingo, Zeederberg Belwigwe, and Willsgrove Feedlot in Bulawayo.

The corporate rescue model, also known as business rescue or judicial management, is part of the Government’s strategy to rehabilitate distressed but economically significant firms. It is regulated under the Insolvency Act, which replaced the old Companies Act (Chapter 24:03).

CSC was placed under corporate rescue after financial challenges emerged in implementing its 2019 joint venture agreement with the United Kingdom-based Boustead Beef, which was expected to spearhead the company’s revival and clear its debts.

The model has increasingly become a preferred route to safeguard critical national assets and preserve jobs across key economic sectors.