SOUTH AFRICA - Famous Brands, a South African holding company and food service franchiser has closed 14 out of its 17 Gourmet Burger Kitchen (GBK) under-performing stores after the approval of a restructuring plan by creditors,reports Business Day. Indications are that the UK –based stores have been struggling with low consumer spending,rising cost of labour,…
EUROPE – Agricool, French urban agriculture startup has closed another round of funding and has raised US$28 million, including an investment from Danone Manifesto Ventures, Marbeuf Capital, Solomon Hykes, Bpifrance. The company is targeting to expand its fruits and vegetables business with the new funding which was also raised from some of the existing investors…
USA – Constellation Brands, an international producer and marketer of beer, wine and spirits has announced that it intends to invest US$100 million in female-founded or female-led businesses in alcoholic beverage categories by 2028. Through Constellation Brands Ventures (CBV), the company’s corporate venture arm, it will invest in a new program dubbed Focus on Female…
TANZANIA – The government of Tanzania has announced that it has paid cashew farmers over US$15.2 million for their produce since it decided to buy the commodity early last month. According to Agriculture minister Japhet Hasunga, the money has been paid to 34,938 farmers from 146 verified Agricultural Marketing Co-operative Societies (Amcos), The Citizen report…
NEW ZEALAND – The New Zealand dairy giant, Fonterra’s revenue decreased by 4% to US$2.60 billion (NZ$3.8 billion) in the first quarter and has revised its 2018/19 forecast Farmgate Milk Price range to US$4.12 – US$4.32 per kgMS. The revision in the forecast milk price range was attributed to the global milk supply remaining stronger…
ZIMBABWE – National Foods, Zimbabwe’s leading flour and food producer has announced that it plans to shut down its flour mills blamed on impeding foreign currency shortages in the country, according to ANA report. The Harare based food company had written to its customers indicating the intention to close down its flour processing factories in…
SOUTH AFRICA – South Africa’s agricultural retailing and service company, Kaap Agri has recorded an 8% increase in revenues to US$477 million arising from a remarkable increase in its important wheat business, reports Business Day. In the year to end September, the company said wheat seed sales had recorded a 40% increase resulting in…
NAMIBIA - MeatCo, Namibia’s meat processing company has said that it plans to cut down up to 650 jobs as a move to ensure sustainable operations as a result of economic downturn in the country, reports the Namibian. Employees were encouraged to apply for an early voluntary retirement as a precautionary measure. The company said…
NIGERIA – The Senate of Nigeria has requested the federal government to halt its decision on implementation of the new excise duty on alcohol and tobacco to pave way for consultation with the industries stakeholders, reports the Beverage Industry News. The senate said that this would give all stakeholders in the beverage and tobacco industry…
SOUTH AFRICA - Taste Holding, the South African operator of Starbucks has incurred an operating loss of US$6.37 million and revenue dropped 3% to US$34.33 million for the half-year to End-August, impacted by strained consumer spending, reports Business Day. The company’s said operating losses and reduction in revenue will force it to restructure its investment…
