Today's Labour News

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groupfiveMoneyweb reports that about 500 jobs have been saved by the sale of Group Five Projects – a subsidiary of Group Five Construction, which is in business rescue – to the Mauritian-based Teichmann Group.  

Peter van den Steen and Dave Lake, Group Five’s business rescue practitioners (BRPs), announced the disposal on Monday and indicated about 500 jobs would be transferred to the new owners and saved.  They said these employees were mainly African-based and comprised a combination of permanent employees and contractors.  “The new entity will be branded as T3 Projects.  The team’s track record in Africa has ensured the effective and efficient delivery of construction projects in the mining and industrial sectors across the continent, which will complement the Teichmann Group’s existing product offering,” the BRPs indicated.  Group Five Projects was one of 38 assets and properties identified for sale in Group Five Construction’s business rescue plan.  The BRPs declined to comment on the value of the disposal transaction.

  • Read the full original of the report in the above regard by Roy Cokayne at Moneyweb

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