Jaggers goes into liquidation

provisional liquidation.
Mr Reggie Francis Saruchera of Grant Thornton Camelsa, Chartered Accountants has been appointed provisional liquidator.
A statement published yesterday said preparations for the first creditors’ meeting were currently underway.
“All creditors of J. W. Jaggers Wholesalers (Private) Limited (in provisional liquidation) and Jaggers Trador (Private) Limited (in provisional liquidation) are advised to urgently collect and complete Proof of Claim forms from our offices,” read the statement.
Jaggers Wholesalers, one of the country’s leading distributors of fast-moving consumer goods, was already experiencing problems even before Chinhoyi farmer and businessman Mr Cecil Muderede acquired a controlling stake in April 2010.
Mr Muderede bought the company for an undisclosed figure from South Africa’s Metcash through his investment firm, Borlscade Investments (Pvt) Ltd.
Mr Muderede came in at a time when Jaggers was facing viability challenges. In an attempt to downsize the firm, he closed 11 branches out of 52.
Last January, the High Court ordered the firm to pay US$1,4 million it owed CBZ Bank plus interest arising from a US$3 million overdraft facility.
During the same month, Jaggers’ assets were sold by public auction in an attempt to settle its liabilities to Delta Beverages, effectively signalling its collapse.
At least 1 000 workers lost their jobs.
The company’s problems were compounded by a tendency by most local retailers shun middlemen by importing goods directly from neighbouring countries.