eBusiness Weekly
Fradreck Gorwe
History of the Zimbabwe Stock Exchange-listed Hospitality concern owning hotels and departmental stores, Meikles Limited (MEIK.zw), reminds one of the age-old veracity that Zimbabwe is an investment destination of choice where investors ever enjoyed illimitable returns.
The search for greener pastures ended with three Scotland brothers, John, Stewart and Thomas Meikle striking great fortunes in Africa south of the Sahara, more specifically, in a touristic locality domiciled within beautiful Zimbabwe.
John, Stewart and Thomas Meikle emigrated from Scotland to Southern Africa and in 1892 established the first Meikles Store in then Rhodesia’s Fort Victoria (now Victoria Falls). As the business grew it spread to Bulawayo, Mutare and Harare.
It was in 1915 that Thomas Meikle founded a hotel in Harare. The over a century Meikles brand has grown to encompass hotel, retail, supermarket chain agriculture and security services industries.
Thomas Meikle Stores grew through the 1970s into a renowned group of Department stores and supermarkets after the acquisition of Greatermans and Checkers brands.
Supermarkets were later separated under the TM Logo while department stores were consolidated under the Meikles banner as subsidiaries to Greaternans (1979) Limited.
Under this category falls Barbours, Meikles, Meikles Mega Market and lately M Stores.
The M Store was launched in 2016 as a concept store targeting the less affluent segment of the market. Retail products range from clothing, cosmetics, kitchenware, appliances, furniture, food and beverages.
Meikles Limited merged with Kingdom Financial Holdings (KFH) in 2008 to form Kingdom Meikles Africa Limited after the later sought merger to avoid potential collapse due to capital inadequacy.
The merger bought two Cotton Printers buildings in Bulawayo after the now defunct textile giant went under liquidation.
However, in 2009 the Kingdom Meikles Africa Limited de-merged, which move shareholders considered necessary to put closure on disputes and improve market perception of both KMAL and Kingdom Financial Holdings (KFH).
Inheriting the de-merger was the subsequent extension of shareholding by Pick n Pay South Africa in TM Supermarkets Limited, another Meikles subsidiary. Pick n Pay hold 49 percent stake in the supermarket business. TM Pick n Pay is the product of this partnership with Pick n Pay South Africa.
Meikles Limited’s main subsidiaries currently include Hotels, Tanganda tea Company, Meikles guard services, TM Pick n Pay, and Meikles Stores.
Hotels include Meikles Hotel in Harare and Victoria Falls Hotel, which is owned through a joint-venture arrangement with the African Sun group.
However, plans are currently underway to dispose of Meikles Hotel after the Competition and Tariff Commission (CTC) recently approved its sale to Albwardy Investment domiciled in Dubai via ASB Hospitality Zimbabwe, the latter’s firm recently incorporated in Zimbabwe.
Tanganda Tea Company which in 1920s started as a tea growing experiment is the main distributor of bulk tea and it also produce bottled water under the brand name Tinga Mira. Its other agricultural products include avocados and macadamia nuts. Main divisions are agricultural and beverage.
John Moxon is the current Group Chief Executive Officer of the ZSE counter whose market capitalisation as at 28 August 2019 stood at $328 439 904 with a share price of 130 cents.
Moxon joined the group back in 1970 and was re-appointed executive chairman in 2011. Carol White was in 2017 appointed the Managing Director of Meikles Hospitality (Meikles Hotel and Victoria Falls Hotel).
