- Twiga Foods faces a major change after financial difficulties
- A new process will determine the company’s next steps
- The Nairobi-based startup’s business operations date back to 2014
Twiga Foods Limited has been placed under administration after a financial crisis, and has changed its name to Templar Field Limited.
Mohamed A. Mohamed of Maawiy Financial Advisory Limited was appointed Administrator with effect from September 11, according to a notice in the Kenya Gazette.
“We will continue to engage with stakeholders to achieve the best possible outcome for all creditors,” Mohamed said.
Twiga joins a growing list of Kenyan startups that have hit financial trouble in recent years, including Koko Networks, Copia, and Lipa Later.
With the appointment now in effect, the Administrator has taken control of the company’s assets and affairs. Directors’ powers to deal with or transact on the company’s behalf have ceased, except with the Administrator’s express permission.
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Mohamed said the exact financial position of the firm will only be established once reconciliation is complete.
“The liabilities are still subject to an ongoing reconciliation process and the verification of claims submitted by creditors, which can take a long time to complete,” he said.
Twiga’s warehouses, trucks, and farm contracts will remain in the Administrator’s custody in the meantime.
Twiga Foods was founded in Nairobi in 2014. The company built a business-to-business marketplace connecting farmers and food manufacturers with small and medium-sized retail vendors across Kenya, using a mobile-based, cashless platform to distribute fresh and dry goods more efficiently than the traditional informal supply chain.
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