Ohlthaver & List Group has announced the lifting of all business rescue measures it introduced in July for its leisure business with effect from 1 November, with all employees resuming their normal working hours and receiving their normal salaries.
The Group which was tight-lipped on how much cost saving had been made during the business rescue period, however, said the measures had not secured the future sustainability and financial viability of some of its businesses in the medium to long term.
“While the salary cut measures at some of our business operations contributed in the short term, it does not secure the sustainability and financial viability of certain businesses in the medium to long term. It is also important to emphasize that we are not out of the crisis yet and the road to recovery remains uncertain in the short to medium term. It is equally important to note that we have not had any retrenchments during the period of the COVID-19 pandemic and/or as a result thereof,” the O&L Group said in response to an inquiry by The Brief.
The developments mean Mokuti Etosha Lodge and Chobe Water Villas re-opened on 1 October 2021 as previously announced, Strand Hotel Swakopmund is fully operational, with the O&L Leisure Central Office having resumed normal operations.
The company in July announced business rescue measures, which included basic salary reductions of between 25-50% for the period 1 August 2021 to 30 October 2021, temporary closure of Chobe Water Villas and Mokuti Etosha Lodge among other measures.
It is not clear if the lifting of the measures also applies to its Namibia Dairies subsidiary, which also effected a 20% salary reduction for employees.
The O&L Group is Namibia’s largest privately owned group of companies and besides its leisure business, Namib Daries also owns Namibia Breweries Limited, Pick n Pay, Hangana Seafood, Dimension Data, Broll Namibia and is a majority shareholder in Hartlief, among other investments.