MILLER and food processor Blue Ribbon Industries (BRI) is up for sale with tenders invited yesterday for investors to either buy or invest in the company. The company, currently under judicial management, closed shop last year on the back of funding constraints worsened by a debt overhang of over US$2 million.
The High Court last year placed the company under judicial management as part of efforts to get it reconstructed.
Grant Thornton Camelsa Chartered Accountants, who are facilitating the deal, have invited investors to either acquire the miller or invest funding to restart operations. "Tenders are hereby invited from interested parties to invest in the group or to purchase the operations of BRI and its subsidiaries (under judicial management)," it said.
The price tag for the company is still a closely guarded secret.
Undoubtedly one of Zimbabwe's largest milling companies, BRI is known for its popular maize meal brands Ngwerewere and Chibataura. The miller has five units which included BRI Logistics, Blue Ribbon Foods, JA Mitchells and Nutresco Foods.
Liquidity challenges affecting the rest of the economy did not spare BRI, which at some point last year sent most of its workers on forced leave.
The company also struggled to pay back a US$2 million loan it had obtained from regional financier, the PTA Bank.