South African agricultural group Senwes has written its investment in leather and foods firm Kolosus down to zero, according to the group’s chairman Japie Grobler in the latest annual report.

Mr Grobler said "Senwes is at present looking at several options to divest Kolosus from its investment portfolio at optimal value in order to conform to its own strategy of focussing on its core business". However, the first priority for Senwes is to try and turn the ailing firm around, and new chief executive of Kolosus Francois Strydom (appointed in May of this year) has been charged with this task.

Kolosus has two divisions: a leather business, which tans and supplies leather to the automotive industry and also provides shoe and exotic leather, and a foods business incorporating Bull Brand processed foods.