Nakumatt administrator plea with suppliers and shoppers as he begins the process of turning around fortunes of Kenya's once biggest retail chain
Nakumatt Holding filled for administration late last year following a slew of petitions from creditors owed millions by the family retail business.
Speaking during a meeting in Nairobi, convened to update Nakumatt’s suppliers on the ongoing developments, the Nakumatt Holdings is making, Mr. Peter Kahi confirmed that ongoing plans to maintain the business through a supplier partnership model are now on course but said they will be only successful if Nakumatt suppliers, shoppers and other stakeholders including staff members come onboard.
“The chance of recovery for Nakumatt is fair and can be accelerated by the support of specific stakeholders such as suppliers to fuel its engine,” Kahi said.
Nakumatt Holding filled for administration late last year following a slew of petitions from creditors owed millions by the family retail business and last month the High Court approved the appointment of Mr. Kahi who works with PKF Kenya and has experience in turning around distressed businesses as an administrator.
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With the suppliers’ support, Kahi said that plans to restock up to 20 Nakumatt branches by next month had been drawn up which will provide an avenue to grow customer traffic in the branches and much needed revenue.
“the new legal frameworks provide a good platform for the administrator to work for the benefit of all creditors.”
He maintained preliminary studies confirmed a good chance of business growth for Nakumatt.
Mr. Kahi who is expected to meet with creditors in the coming weeks implored the retailers’ suppliers and shoppers to continue providing their support, as efforts to formulate a rescue plan get under way.
Key suppliers pledged to support him in the ongoing efforts to provide a recovery mechanism for distressed retailer Nakumatt Holdings.
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