BUSINESS MAVERICK: Bidvest lets go of underperforming travel business in portfolio clean-up

Diversified industrial group Bidvest has sold its struggling BidAir Services business to a consortium that includes management and Africa’s biggest ground handling company.

It will retain BidTrack, Vericon and Bidair Cargo, which achieved commendable results, as did Bidair Lounges, which was on track for a strong performance until the pandemic curtailed its performance in the fourth quarter of 2020. “We have escalated our focus internationally and the acquisition of [UK hygiene firm] PHS is indicative of the scale we are pursuing. Even without Covid-19, we anticipated that hygiene would be a growth industry and the decision to give this sector a more strategic focus was made some years back. Our sector learnings in South Africa and now in the UK, Ireland and Spain, will stand us in good stead as we pursue other possibilities.

NAS is a fast-growing emerging markets operator that provides aviation services across 20 countries, 55 airports, and manages more than 50 lounges in Africa, the Middle East and South Asia.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: Concrete developments: Rights issue pressure is off as PPC sells its lime businessThe disposal means the cement producer may not have to resort to a rights issue. But after a strong run in its share price, raising fresh equity capital may still be an option.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Cartoon Tuesday with RicoDefend Truth
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: Trading statement: Pepkor buoyed by demand for furniture and electronicsThe Steinhoff-owned retail group Pepkor has reported a strong rise in demand for furniture and electronics, but it has also grown its share of the clothing market.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: Tongaat Hulett stock tanks on debt reprieve talks, sugar production lossTongaat Hulett says its lenders agreed to extend a deadline for the company to reduce debt to avoid a default. Now it is negotiating the quantum.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Chicago Says Goodbye to CME’s Last Commodity Trading PitsIt’s the end of an era for open outcry commodities trading, made famous by the film “Trading Places” with Eddie Murphy and Dan Aykroyd.
Source: dailymaverick - 🏆 3. / 84 Read more »