Deacons assets put up for sale in Kenya, Rwanda

NAIROBI, KENYA: Deacons East Africa is selling assets in four stores spread across Kenya’s capital Nairobi and Rwanda.

The company, which is currently under administration, invited buyers for its stores under the names 4u2 (Sarit Centre), Adidas (Sarit Centre and Two Rivers, Bossini (Two Rivers, Yaya Centre, Village Market, Garden City, and Rwanda), FNF 9Sarit Centre)

The fashion retailer was put under receivership in 2018; two years after its shares were sold to investors at the Nairobi Securities Exchange (NSE). Directors of the firm announced their intention to call in an administrator who would try to resuscitate the struggling business that deals in the middle to high-end clothing.

At a creditors meeting held in January this year, appointed administrators proposal was approved authorizing them and transaction advisers to undertake a competitive and transaction aimed at identifying strategic financial investors.

Dyer and Blair is the appointed transaction advisor while Peter Kahi and Atul Shah of PKF Consulting are joint administrators.

“Any person interested in purchasing the business and its assets should submit their expression of interest to Dyer and Blair and indicate whether the business and assets are being acquired wholly or in part,” read newspaper notice by the joint administrators.

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In November, the Nairobi Securities Exchange (NSE) announced that the Capital Markets Authority had suspended Deacons shares from trading of from November 19, 2018 and shall remain in force for a period of 40 working days.

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