The business rescue plan to save five restaurants in the Moyo group has been approved, allowing for the sale of the Moyo brand, trademarks and restaurants to Fournews.
According to a statement by the joint business rescue practitioners, Stefan Smyth and Alison Timme, the plan’s approval results in “the rapid transfer of the business. This will result in some 400 jobs being saved and reinvigoration of the brand and remaining restaurants consisting of Eden, Kirstenbosch, Melrose Arch, Zoo Lake and Durban Pier… With the support of Fournews Developments, the group is perfectly poised to consolidate and grow to return the brand to its former iconic status.”
The other three restaurants at Spier, the V&A Waterfront and Fountains (Pretoria) were excluded from the transaction. They have closed their doors and are in the process of being liquidated.
Fournews has been around for more than 17 years, operating various brands including News Café, Café Fino, illy Go!, Smooch, Phat Panda, Headline Leisure Management and Fusion Foods.
According to the Business Day Moyo entered business rescue in October last year. The protection made it possible for the restaurants to continue trading throughout the peak festive season.
Moyo at the V&A Waterfront was the first to be liquidated in early March, followed by Fountains in Pretoria and Spier toward the end of March.
