Zimbabwean tannery awaits cash injection - leatherbiz: Leading news si Leatherbiz

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Zimbabwean tannery awaits cash injection

24/09/2015
Press in Zimbabwe have reported that the Wet Blue Industries tannery is still awaiting $600,000 after the High Court placed it into provisional liquidation a year ago, giving creditors and shareholders time to produce a plan to save the business.

The tannery was affiliated with the Cold Storage Company abattoir, which was badly affected by Foot and Mouth disease and a resulting loss of export markets.

Wet Blue judicial manager Chrispen Mwete told NewsDay the business - formerly the country’s largest tannery - was “doing well” and was expected to improve.

He said: “We are still waiting for the financiers to come on board. In total, we need about $650,000 of which $400,000 would go towards machinery and the balance would be for working capital.”

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