Seven years after it was acquired by businessman Bernard Njoroge, Tree Top’s parent company Sky Foods Limited has been put under administration.
A notice dated September 30, announced that the official receiver of the company was appointed as administrator on September 26, 2024.
Consequently, the affairs of the company as well as its assets are now vested with the Administrator.
“Official Receiver, of P. O. Box 30404-00100, Nairobi, give notice that I have been appointed as Administrator of the property of Sky Foods Limited (the Company), by the holder of a qualifying floating charge.”
“The appointment is made with effect from the 26th day of September 2024 and in accordance with the provisions of the Insolvency Act,” the notice read in part.
Additionally, the official receiver has indicated that no action can be taken against the company without the consent of the administrator
“Pursuant to this appointment, the affairs of the company as well as its assets are now vested with the Administrator. Take note that no action can be taken against the Company without the consent of the Administrator.”
“Any matters relating to the Company should be directed to the Administrator,” added the notice.
Also Read: Govt Threatens to Shut Down 145 Companies: Here Is Why
Benard Njoroge’s Career Before He Acquired Tree Top
Benard was part of the sales and marketing team that introduced Del Monte to the market, making millions for the company by overseeing the sale of the products in various countries.
Moreover, between September 2008 to October 2014, he was the director, of sales and marketing for Sub-Saharan Africa at Del Monte.
However, he quit his job at Del Monte in 2014, where he was earning Khs1 million a month, to found Sky Foods.
He was inspired to quit his job after realizing that he was building an empire for other people, yet he did not have any shares in the company.
In 2011, he decided to purchase the trademark from Unilever but took him about 4 years to start the business.
“When I was at Del Monte every time I did focus group interviews, consumers would often mention Tree Top. I started thinking about buying the brand and reintroducing it, but my employer wasn’t interested.”
“So, I decided to negotiate with Unilever on my own to acquire the trademark. I approached more than 10 financing institutions and eventually, after nearly two years, I raised over $2m for this business,” he said in a past interview.
Also Read: Billionaires Threaten to Shut Down Company, Fire Employees Over KRA Preferential Treatment
Entrepreneurship Journey
Benard secured funding from the Industrial and Commercial Development Corporation (ICDC), along with other partners contributing Ksh500 million.
The revival of Treetop was facilitated by support from ICDC, a government-owned entity that assists small and medium-sized enterprises with potential for growth.
He hoped that Kenyans still remembered the iconic brand and that the sense of nostalgia would push people to buy the product. In 2015, he successfully introduced Tree Top to the market.
Tree Top became successful in distributing products to other countries, like, Uganda and Tanzania. However, the company went under and was forced to shut down.
Follow our WhatsApp Channel for real-time news updates:
https://whatsapp.com/channel/0029VaB3k54HltYFiQ1f2i2C
