{"id":86419,"date":"2023-11-08T10:54:50","date_gmt":"2023-11-08T08:54:50","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/metro-peech-wholesalers-temporarily-shuts-down"},"modified":"2023-11-08T14:21:43","modified_gmt":"2023-11-08T12:21:43","slug":"metro-peech-wholesalers-temporarily-shuts-down","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/metro-peech-wholesalers-temporarily-shuts-down","title":{"rendered":"Metro Peech Wholesalers Temporarily Shuts Down"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>Metro Peech & Browne Wholesalers (MPBW) has shut down for a month as it prepares to receive a US$13.5 million corporate rescue capital injection to allow stock takes, rebranding and a systems upgrade, reported The Zimbabwe Independent.<\/p>\n

The company was placed under corporate rescue under Oliver Mtasa of Crowe Advisory (Private) Limited (OMCAPL) in September 2023 after it became technically insolvent.<\/p>\n

As of the end of August, the firm had net liabilities of approximately US$12 631 411, against total assets of US$6 071 723.<\/p>\n

In a statement issued on Tuesday, 07 November, OMCAPL said the closure of the wholesaler came into effect at the start of the month. It said:<\/p>\n

This notice serves to advise that with effect from November 1, 2023, to November 30, 2023, all Metro stores across the country will be closed for the following reasons: stock takes, branding, restructuring, restocking of stores, systems upgrade, and renovation and rebranding of stores.<\/p>\n

This follows the resolution of the creditors at a properly constituted meeting held in terms of section 143 of the Insolvency Act on the 1st of November 2023 to adopt the corporate rescue plan bringing in a new investor.<\/p>\n

OMCAPL corporate rescue assistant practitioner Raymond Sibanda told NewsDay that the resolution to close was passed by 98,25% of affected creditors and a new investor called Sub-Sahara Capital Group (SSCG).<\/p>\n

Sibanda said that a new investor called Sub-Sahara Capital Group will inject US$13.5 million into the company and the investment will cover working capital and payment of creditors.<\/p>\n

Following the injection of the capital, SSCG will become the majority owner in MPBW.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Metro Peech & Browne Wholesalers (MPBW) has shut down for a month as it prepares to receive a US$13.5 million corporate rescue capital injection to allow stock takes, rebranding and a systems upgrade, reported The Zimbabwe Independent. The company was placed under corporate rescue under Oliver Mtasa of Crowe Advisory (Private) Limited […]<\/p>\n","protected":false},"author":84,"featured_media":86417,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,15635,15633,15634,19],"class_list":{"0":"post-86419","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-all-news","8":"category-economy","9":"tag-africa-press","10":"tag-africa-press-zimbabwe-2","11":"tag-metro-peech","13":"tag-metro-peech-wholesalers","14":"tag-zimbabwe"},"yoast_head":"\nMetro Peech Wholesalers Temporarily Shuts Down - zimbabwe<\/title>\n<meta name=\"description\" content=\"Metro Peech & Browne Wholesalers (MPBW) has shut down for a month as it prepares to receive a US$13.5 million corpor ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/metro-peech-wholesalers-temporarily-shuts-down\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Metro Peech Wholesalers Temporarily Shuts Down\" \/>\n<meta property=\"og:description\" content=\"Metro Peech & Browne Wholesalers (MPBW) has shut down for a month as it prepares to receive a US$13.5 million corpor ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/metro-peech-wholesalers-temporarily-shuts-down\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-08T08:54:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-08T12:21:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/11\/sm_1699429604.136506.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1194\" \/>\n\t<meta property=\"og:image:height\" content=\"531\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/metro-peech-wholesalers-temporarily-shuts-down#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/metro-peech-wholesalers-temporarily-shuts-down\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Metro Peech Wholesalers Temporarily Shuts Down\",\"datePublished\":\"2023-11-08T08:54:50+00:00\",\"dateModified\":\"2023-11-08T12:21:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/metro-peech-wholesalers-temporarily-shuts-down\"},\"wordCount\":270,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/metro-peech-wholesalers-temporarily-shuts-down#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/11\/sm_1699429604.136506.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zimbabwe\",\"Metro Peech\",\"Metro Peech & Browne Wholesalers\",\"Metro Peech Wholesalers\",\"Zimbabwe\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/metro-peech-wholesalers-temporarily-shuts-down#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/metro-peech-wholesalers-temporarily-shuts-down\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/metro-peech-wholesalers-temporarily-shuts-down\",\"name\":\"Metro Peech Wholesalers Temporarily Shuts Down - 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