The moyo chain has been under the protection of Business Rescue proceedings and under the control of the joint Business Rescue Practitioners (BRPs) Alison Timme and Stefan Smyth since early October 2013.
As a result, it has been able to continue trading throughout the peak season.
During this period it has been critical to stabilise the business and engage with interested parties with a view to achieving a sale of the group in order for local customers and tourists to continue to be able to enjoy the “moyo experience.
Furthermore, for the approximately 600 staff and many trade creditors, it would mean the potential for continued employment and sustainable ongoing trading.
A consortium led by Fournews Developments has been selected as the preferred bidder following an intensive period of negotiation by the BRPs and their advisers.
They will now work to conclude an agreement to take over the business - subject to the vote of affected parties, and are engaged in detailed discussions and planning to finalise this transaction.
Fournews was founded in 1995 and are owners and operators of the News Cafe, Cafe Fino, Smooch, GO!, Phat Panda, Headline Leisure Management, and Fusion Foods brands.
Fournews employs in excess of 3 000 staff and have operations in South Africa and across the continent with expertise in running both franchised operations and company owned restaurants.
It is anticipated that this will enable the moyo brand and experience to survive and thrive.
All initial queries must be directed to existing company contacts or emailed to firstname.lastname@example.org where they will be managed.