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Potential Eddels buyer identified

Published: 16th Jan 2023

Author: Tony Dickson - S&V Editor

Johannesburg, Gauteng, SA - Hitherto little known top end manufacturer Caralli Footwear (Pty) Ltd is the company negotiating with the Industrial Development Corporation to buy Eddels Footwear.
      Caralli is wholly owned by B&B Media, which is also the major shareholder in Buka Investments, a holding company in the process of being listed on the AltX, the parallel stock exchange for small and medium-sized companies owned by the Johannesburg Stock Exchange (JSE).
      Werner Grobbelaar, group financial manager of B&B Media, who confirmed the above information last week. said negotiations had been taking place since August last year, "and although the process is quite advanced we are not in a position to engage in a discussion around the transaction. I can however confirm that towards the end of this month we should have clarity on the agreements and the way forward."
      On its website, Buka describes itself as "bringing quality fashion to aspiring customers in South Africa and beyond". It also bought Socrati Footwear mini-chain in July last year.
      Eddels CEO John Comley sent a letter to staff on Wednesday in which he said the primary reason for the sale was to return the company to profitability. He said Caralli wanted to retain key staff and "existing stakeholders", but that "if the sale is successful, the potential buyer may in due course, and if necessary, relocate the business to Johannesburg".
      More in the January issue of S&V Footwear and Leather Goods, out later this week.

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