Africa-Press – Kenya. Biscuit firm Britania Foods Limited (BFL), one of Kenya’s oldest confectionery manufacturers, has been put on sale after defaulting on loans of more than Ksh1.3 billion owed to a local bank.
A notice posted in the dailies on Friday, January 14 by Peter Kahi of PKF Consulting revealed that the company’s high-tech plant at Nairobi’s Industrial Area, factory buildings, raw materials/chemicals, and leasehold plots comprising 3.28 acres, were listed for sale
Further, Kahi, noted that offers would be considered for the business as a whole or as a going concern.
This means that Britania has the resources needed to continue operating indefinitely until it provides evidence to the contrary.
Interested parties were asked to submit their offers not later than Friday, January 28.
Kahi was appointed as the administrator of Britania in August 2021 by the local bank which feared losing the Ksh900 million loan granted to the confectionery company.
Uzuri Foods Ltd, which delivered flour to Britania between March and August 2019, also moved to court seeking to liquidate the biscuit maker over a Ksh17.3 million debt.
Britania, which started as a small bakery, has been in operation for 35 years.
In 2017, the firm was acquired by Private Equity (PE) firm Catalyst Principal Partners from the Nitin Dawda family.
Dawda established Jambo Biscuits, which traded as Britania, in 1987 and went on to amass a sizeable chunk of the market share.
According to media reports, the company’s plight began following the collapse of retail giants Nakumatt and Tuskys, which reportedly owed it more than Ksh50 million then.
The Covid-19 pandemic worsened the situation after its biggest client base – schools, and hotels – shut down to curb the spread of the virus.