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Nakumatt, Tuskys In A Tussle Over Ksh50 Million Loan

Even in their deathbed, fallen retailers Nakumatt and Tuskys and embroiled in a bitter tussle over Ksh50 million loan owed by the former to the latter.

Already, Nakumatt has put on hold repayment of the loan, claiming that Tuskys owes Nakumatt more millions.

The amount was advanced to Nakumatt in 2018 as part of the rescue plan, when Tuskys agreed to provide management services, a loan, and debt guarantees to Nakumatt.

Nakumatt Holdings Administrator Peter Kahi refused to disclose the amount owed to them by Tuskys.

“The Ksh50 million has not been paid back to Tuskys. The money has not been paid to them because they also owe us some money. We can’t tell the amount Tuskys owes Nakumatt because we are still doing reconciliation. I have also been out of office in the last one month so it’s hard for me to give you the figure off head,” said Kahi.

Read: 80 Tuskys Staffers Dealt A Blow As Court Okays Layoffs

Tuskys had proposed a buyout plan for Nakumatt, which they recanted later in 2018 protesting proposals by Nakumatt’s administrator.

In 2019 however, Tuskys floated another proposal to buy Nakumatt’s assets at its remaining six branches for Ksh70 million. The proposal was however dismissed in favour of Naivas’ proposal that offered Ksh422.5 million.

Nakumatt went into administration on January 22, 2018 after defaulting on suppliers and banks.

On the other hand, Tuskys has closed most of its outlets in the country as it struggles to pay suppliers and service its loans.

In just 12 months, Tuskys branches have fallen to just five from a high of 64.

The remnant outlets are in and around the Nairobi Central Business District (CBD) including Enkarasha (Kenyatta Avenue), Imara (Tom Mboya Street), Buruburu, T-Mall and Athi River.

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