Today's Labour News

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newsBL Premium reports that after trading for 45 years, Ellies Holdings is shutting down after a failed campaign to win over the local renewable energy market.

But, the operating entities, in essence the Ellies brand, will continue in business rescue until a business rescue plan is released in early May. There is apparently interest from potential bidders, who could carry on the brand and also help to keep staff employed. In January, the company, which imports, manufactures and sells equipment such as aerials and power trolleys and undertakes solar installations, filed for business rescue. Attempts to save the business appear to have come to nothing with the business rescue practitioner having concluded that “there is no reasonable prospect of the company being rescued.” The company announced on Wednesday that it would be going into liquidation. The writing had been on the wall for some time. This week alone saw four directors step down from the Ellies board, leaving only chair Timothy Fearnhead and CEO Shaun Prithivirajh. Two other directors, including former CFO Guy Moretti, quit a month earlier.

  • Read the full original of the report in the above regard by Mudiwa Gavaza at BusinessLive (subscriber access only)
  • Read too, Electronics group Ellies headed for liquidation, at Fin24

Get other news reports at the SA Labour News home page