MAYDEEP Investments has acquired struggling clothing manufacturing giant, Ascot Clothing Company, which has been on the brink of collapse.
Group spokesman Kennedy Makahamadze revealed
to businesdigest that the Delma Lupepe-owned company took over struggling Ascot Clothing a fortnight ago.
Makahamadze said Maydeep Investments would retain all 250 employees.
“We have acquired new cloth-making machines and injected billions of dollars to revive the struggling Ascot. We have also saved more than 250 workers from retrenchment,” said Makahamadze.
Makahamadze refused to disclose how much they had spent in the acquisition of Ascot Clothing.
Businessdigest could also not immediately obtain a comment from Ascot Clothing officials.
Ascot Clothing is a cloth-making company and specialises in Mentone and Vicenzo suits and men’s wear.
It has been in the grips of a financial squeeze for the past couple of years mainly due to a shrinking market.
Makahamadze said their vision is to make Ascot Clothing one of the best performing clothing companies despite the harsh economic climate that has seen inflation spiralling above 1 000% — the highest in the world.
“The cloth-making industry is facing one of its worst periods due to the economic challenges the country is facing but we are going to make sure we do our best,” he said.
“Maydeep is not there for profiteering but to save the community …just imagine, more than 200 workers were about to lose their jobs. What would have happened to their dependants?” he asked.
Maydeep Investments also owns Gloweave Clothing, Merspin and Merlin.