The receiver and manager of troubled Naivasha-based giant flower farm Karuturi Ltd — the Kenyan subsidiary of the world’s biggest producer of cut roses — is up for sale.
The farm has been under receiver management for the past one year.In a notice the managers describe the firm as;
- One of the largest rose growing farms in the world with production optimum capacity of one million stems per day.
- Ideal flower cultivation location and environment situated on the Shores of Lake Naivasha, Kenya, and approximately 100 km from the cargo facility at Jomo Kenyatta International Airport, Nairobi, Kenya.
- Over 126 hectares flowers under greenhouse and a further 8 hectares of open air rose cultivation comprising more than 23 popular rose varieties.
- Housing for some 2,000 plus workers and management.
- Significant recognition in key European export markets.
- Comprehensive contracts of sale in 2015 with customers in key markets segments.
- All major certifications in place.
- Newly installed greenhouse cover and upgraded facilities.
An ad in the Nation yesterday invited bidders for expression of interest in acquiring the business and assets and set a deadline of February 28.
“The receiver and manager offers for sale the business and assets as a going concern, of Karuturi Ltd (in receivership) together with the land registered under the ownership of Rhea Holdings Ltd/ Surya Holdings Ltd/ Yeshoda Investments Ltd used for flower farming in Naivasha, Kenya,” said the advert.
The company is described as among the largest rose-growing farms in the world, with optimum capacity of a million stems a day.
It has over 126 hectares of flowers under greenhouses and a further eight hectares of open air rose cultivation comprising more than 23 popular rose varieties. It has newly installed greenhouses with upgraded facilities.
The firm is also described as having significant recognition in key European export markets and comprehensive contracts of sale in 2015 with customers in the main market segments.
It also has 2,000 workers and management and the required certification from various authorities.
“A detailed sales information memorandum regarding the business and assets will be made available to interested parties on terms approved by receiver and manager. Any parties interested in obtaining further information should provide expression of interest to the receiver,” said the notice.
Mr Kieran Day and Mr Ian Small, the receiver managers, said part of the reason for placing the firm under was failure to settle salaries, and the slow payment to creditors, which had adversely affected it.
The pair had hinted at possible sale of the firm to other investors.
For more information;
Receiver and Manager
Karuturi Ltd/Rhea Holdings Ltd/Surya Holdings Ltd/
Yeshoda Investiments Ltd (All in Receivership)
C/O PSJ Advisory Services
Email:sastry@psjkenya.com
P.O.Box 41684-00100-Nairobi, Kenya.