PIC hails Daybreak Foods as a model for business rescue success amid turnaround progress

THE Public Investment Corporation (PIC) has described Daybreak Foods as a "poster child" for successful business rescue, citing steady operational recovery, improved financial stability, and a well-managed turnaround plan that still retains significant cash reserves.

- BANELE GININDZA

DAYBREAK Foods CEO, Deon Botha, said the company had resolved all compliance issues raised by the National Society for the Prevention of Cruelty to Animals (NSPCA) after vaccinating all birds and implementing stricter welfare measures. | NSPCA

Briefing Parliament's Portfolio Committee on Finance on Friday, the PIC said Daybreak Foods' business rescue practitioners had made strong progress in stabilising the company, maintaining labour peace, and restoring critical operations such as electricity and IT systems.

"Daybreak Foods has become a model of how a well-managed business rescue process should function," the PIC said. "The business rescue practitioners are reporting positive outcomes both operationally and financially."

Daybreak Foods CEO, Deon Botha, also told MPs that the company still holds R73 million from a R150m cash endowment allocated for the turnaround strategy, adding that "cash calls have significantly reduced and are well managed."