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Businessman and farmer Mr Cecil Muderede acquired Jaggers Wholesalers in April this year through his investment vehicle, Borlscade Investment (Private) Limited.
Sources close to the goings-on at Jaggers Wholesalers told this paper that all “is not rosy” at the company as Borlscade has to date not injected any fresh capital since it gained control of the company as it had promised.
“We have been facing viability challenges of late. Our new shareholder has not yet injected anything into the company and we are now operating on a hand-to-mouth basis. All we are receiving are promises that fresh capital will ‘soon’ be injected.
“This has caused some serious problems among the workers and management. It is also understood that the new shareholder is failing to pay salaries,” said the sources.
This paper has it on good authority that Jaggers Wholesalers’ employees have not been paid salaries since May.
Efforts to get a comment from the wholesale group chairman, Mr Muderede, the whole of last week proved fruitless as he said he would get back to us till his mobile was no longer reachable.
This has also seen the company failing to reopen 11 branches it closed in April.
Bongani Ndlovu
Online Reporter