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Flower firm Karuturi goes under the gave

Monday January 26 2015

Employees of Karuturi Limited spray flowers in the past. PHOTO | FILE |

Employees of Karuturi Limited spray flowers in the past. PHOTO | FILE |  NATION MEDIA GROUP

MWANIKI WAHOME
By MWANIKI WAHOME
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Naivasha-based flower farm Karuturi Ltd — the Kenyan subsidiary of the world’s biggest producer of cut roses — has been put on sale by receiver managers.

The firm went under in February last year.

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.

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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.

DETAILED INFORMATION

“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.