Basil Read, which is fighting for survival after being forced into business rescue a year ago, says it has retrenched all staff who were not working on projects and will move out of its head office in Johannesburg to cut costs.
The company has since terminated some contracts and cut costs by retrenching staff and reducing the size of its board. Meanwhile, the company’s performance guarantees had been reduced from R1.1bn at the start of its business rescue proceedings to R744m. Basil Read has also been selling surplus plants and equipment at auctions, and is looking to offload its mining and development businesses.
It I am sure the CEO is keeping his second house and all of his sports cars
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