Deacons Ltd has announced the sale of its business and assets after spending 60 years in the East African market.
Deacons has predominantly focused on the fashion and retail businesses. In a statement, it gave details of the business and assets it will be selling.
The stores that will be up for purchase for business and through a competitive bidding process include 4U2 in Sarit Centre, Adidas in Sarit Centre and Two Rivers, Bossini in Two Rivers, Yaya Centre, Village Market Garden City and Rwanda, and FNF in Sarit Centre.
Deacons, East Africa was placed under the administration of Peter Kahi and Atul Shah of PKF Consulting Ltd on November 23 last year.
The administrators' approval came on January 22 at a creditors' meeting.
The administrators alongside a transaction adviser have been authorised to undertake a competitive and transparent transaction process which will be aimed at identifying strategic or financial investors.
The investors will have a view to achieve either a recapitalisation of the company through an injection of equity or restructure its debt obligations or a sale of all or some of the stores of the company.
The appointed Transaction Advisor is Dyer and Blair Investment bank.
