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17 SEPTEMBER 2020
IFA FAIR-ZIM HOTEL & RESORT PROPRIETARY LIMITED ENTERS BUSINESS RESCUE
IN RESPONSE TO UNPRECEDENTED CIRCUMSTANCES RESULTING FROM COVID-19 AND THE PROLONGED SA GOVERNMENT-IMPOSED NATIONAL STATE OF DISASTER
Thursday, 17 September 2020 09h30: As the Covid-19 crisis continues to disrupt local and global travel and tourism markets, IFA Fair Zim Hotel & Resort Proprietary Limited announced today that the company entered business rescue on Wednesday 16 September 2020 to safeguard the interests of all its stakeholders.
“The consequent stagnation in global economic activity together with the South African Government-imposed National State of Disaster has impacted negatively on our business”, said General Manager Wayne Krambeck.
The Fairmont Zimbali Hotel in particular, faced an unprecedented situation following the lockdown and border closures, despite experiencing exponential growth with record turnover from November 2019 to March 2020.
“We have been in support of our President and the government’s reasons for implementing the initial lockdown period however, the extraordinary circumstances of a prolonged lockdown now day 176 the longest in the world to date with limited support from government, has eroded our revenue base. The losses that will be incurred in a gradual return to normality with ongoing uncertainty and the possible threat of further restrictions is just not commercially viable. We have been left with no alternative but to apply for business rescue”, he said.
The Fairmont Zimbali Resort is one of the biggest foreign investments on the North Coast of KZN and has been a major role player in the South African hospitality industry with usage from local and national government, local tourism as well as International visitors.
The Board resolved to file for business rescue and appoint Pierre Berrange as the business rescue practitioner. The business rescue practitioner will formulate a rescue plan and ensure that the best way forward is found for all stakeholders in accordance with all regulatory requirements.
All stakeholders and suppliers will be contacted by the business rescue team to plan the way forward in accordance with the processes as provided in the Companies Act.
Issued on behalf of IFA FAIR-ZIM HOTEL & RESORT PROPRIETARY LIMITED
Julia Unger - Indelible Inc
One of South Africa's leading tourism destinations, Zimbali Coastal Resort is renowned for its breathtaking landscapes, pristine beaches and award-winning hotels, as well as offering leisure and business travellers from across the world the opportunity to experience unrivalled hospitality in a luxury eco-estate setting.
Zimbali Coastal Resort is located on Kwa-Zulu Natal's famed North Coast, on one of the most beautiful stretches of coastline in the country, a short drive from Durban's King Shaka International Airport, the bustling holiday hotspots of Ballito and Umhlanga and just 30 minutes from the bright lights of Durban.Enquire now
Our various accommodation options all have one thing in common - they put comfort first with luxurious finishings and sophisticated decor and are guaranteed to not just meet our guests' expectations but to exceed them.Explore accommodation
Taking good care of yourself is made easy at Fairmont Zimbali Resort thanks to Willow Stream Spa and our fully equipped, state of the art gym, both of which take wellness of body and soul to the next level.Explore Spa & Wellness
Zimbali Coastal Resort offers a 360-degree lifestyle experience that includes a range of great outdoor and indoor activities designed to keep you young at heart and on the go. There really is something for everyone on offer, from golf and squash to tennis and hiking.Explore Golf & Activities
Feast your eyes and delight your senses with Fairmont Zimbali Resort’s exquisite dining options that invite you on a culinary journey that is guaranteed to tantalise your tastebuds.Explore Dining Options
Fairmont Zimbali Resort is the perfect place to say "I do" with a range of gorgeous venues for both ceremonies and receptions. Our experienced and professional team of wedding planners will handle all the details, leaving you free to celebrate in style.Explore weddings
In order to ensure that we offer all our visitors a pleasant and enjoyable experience when making use of our leisure facilities, kindly note a Club Leisure Pool Fee applies for non-hotel guests to use the Main Pool at only R150 per person, per day. Enjoy an elevated poolside experience; guests receive a R75 meal voucher per person (to use at either the Bite Pool Bar or at the Beach Café and Bar), and can expect value-added services on offer. For more information, kindly contact our Guest Services Team on email@example.com or call (032) 538 5000.
Bookings are essential for our restaurants with preference given to hotel guests. Contact our Dining Department to make your booking on firstname.lastname@example.org.