adminPrince Sunduzani, Business Reporter
BULAWAYO-based beverages retail company, Watering Hole, has opened one of its closed branches in the city centre after investing close to $100 000 in the recapitalisation.
The company was on the verge of closing down after it failed to pay creditors about $500 000 and was placed under voluntary judicial management in March last year.
Management say the business in on recovery path, after settling some of its debts following capital injection early this year.
In an interview with Business Chronicle this week, judicial manager Mr Khumbulani Mathema said the opened branch was already attracting significant number of customers.
He said the company was now looking to re-open the third branch in Nketa suburb as it positions itself to get out of judicial management.
“We have opened one of the closed branches. When we got an investor, we first recapitalised the 9th Avenue branch and we have now opened the Fort Street branch,” said Mr Mathema.
“We injected almost $100 000 for the stock and renovations of both branches. The business is doing well and sales are good and people are beginning to come in. We are now working on re-opening the Nketa branch once we finalise issues with the landlord.”
The re-opened outlet is located at Corner Fort Street and Fourth Avenue. The company also plans to diversify its operations, venturing into leather products manufacturing.
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