HARARE, July 29 (The Source) – QV Pharmacies, a subsidiary of troubled pharmaceutical group, CAPS Holdings has reopened its Sam Levy branch in Borrowdale following a Supreme Court ruling in its favour against the landlord, an official familiar with the case said on Tuesday.
The company was placed under provisional judicial management at the beginning of this year following an application by creditors – Pulse Medical Care, Medivision Holdings, PC and Sky Pharmaceuticals – after the group of failed to meet its obligations.
At the time, QV was technically insolvent and was struggling to service its debts, including rentals, resulting in its eviction from the Sam Levy Village while notice had been given for the business to vacate other premises.
The company, which has since returned to profitability, renewed its property leases after clearing rental arrears.
“We reopened the branch last Thursday and the matter was resolved through the courts amicably. The company has been working with the landlord to restore the shop to its former state,” said the official who declined to be named.
He said the landlord, Mutual Finance which owns Sam Levy Village, would bear the costs of restoration while the company had invested over $70,000 in restocking.
“More stocks are still coming and we are adapting the procurement to suit our target market,” he said.
The company won its Supreme Court appeal in March but delayed its opening as it had to fulfil regulatory requirements, the official said.
QV has five branches – three in Harare, two in Bulawayo as well as one in Beira, Mozambique.