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Choppies shareholders set to inject fresh capital into retail chain

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A new funds injection is expected to put Choppies Supermarket on a new trajectory stiffening the already tough competition the retail sector is facing in Kenya.

A source at the retail chain has revealed the funds, said to be in billions of shillings, are expected to help the supermarket stamp its presence in Kenya in a solid plan that is being spearheaded by its shareholders.

“Our Group financial muscles are strong; we will be putting this into use beginning next week,” a senior manager at the supermarket said.

In the past few weeks, there have been reports in the media that Choppies was delaying to pay its suppliers, a claim it has dismissed as baseless and lacking facts.

On Monday, Choppies Supermarkets said it had been honouring its obligations, and its employees’ dues were also being paid in time. It assured the market that all its pending bills were being cleared.

This was supported by the Kenya Union of Commercial Food and Allied Workers Assistant Secretary General Mike Oranga who noted that they had not heard any issue touching on the welfare of its members “that called for our intervention”.

“The Union has been in contact with the management of Choppies and our members’ monthly wages and salaries have been paid in time,” said Mr Oranga.

Choppies says it will be using the group financial extension to restock its shelves, bring in a wider variety of goods and services.

“Our primary business is our customers. We are committed to serve this market by offering high quality products at a relatively affordable prices,” said the manager.

Read: Banks, Safaricom commit money to Afro-Asia Fintech Festival 2019

He went on to say that “our strong group financials is going to offer a competitive advantage to us in terms of sufficiently stocking our outlets”.

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BT Correspondent
BT Correspondenthttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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