Streaming issues? Report here
money-show-thumbnailjpg
The Money Show with Bruce Whitfield
18:00 - 20:00
volume_up
volume_mute

Up Next: Tonight with Lester Kiewit
See full line-up
The Money Show with Bruce Whitfield
18:00 - 20:00
Home
arrow_forward
Business

Tekkie Town spinoff Mr Tekkie to fight Steinhoff owned Pepkor for right to exist

11 September 2018 6:28 PM
Tags:
Steinhoff
Tekkie Town
Braam Van Huyssteen
pepkor
Bernard Mostert
mr tekkie
The Money Show’s Bruce Whitfield interviews Bernard Mostert, former CEO of Tekkie Town and one of the co-founders of Mr Tekkie.
Nike tekkies. (pexels.com, 2018)

The Steinhoff transaction does contain a restraint of trade… but the transaction was never fulfilled…

Bernard Mostert, Mr Tekkie

All of this money will come from the Van Huyssteen family. The investment will max out at R500 million…

Bernard Mostert, Mr Tekkie

Mr Tekkie will soon do battle with Pepkor-owned Tekkie Town in the High Court.

This comes after the Mr Tekkie – founded by disgruntled former Tekkie Town employees – confirmed on Tuesday that it will oppose Tekkie Town’s application to stop the start-up from opening its first store.

Mr Tekkie aims to open its first store in Cape Town towards the end of next month with others to follow across the country in November.

The Money Show’s Bruce Whitfield interviewed Bernard Mostert, the former CEO of Tekkie Town and one of the co-founders of Mr Tekkie.

Mostert referred to themselves as “Steinhoff victims”.

Steinhoff bought Tekkie Town for R3.2 billion in 2016 and offered shares as settlement for the major part of the business.

The shares became almost worthless after the near total collapse in the share-price of Steinhoff.

We’ve been paid with Monopoly money.

Braam van Huyssteen, Tekkie Town founder

Listen to the interview in the audio below (and/scroll down for more quotes from it).

We continue to be surprised by their behaviour.

Bernard Mostert, Mr Tekkie

Pepkor is very arrogant… yet they spend a lot of shareholders’ money to try and enforce a restraint of trade…

Bernard Mostert, Mr Tekkie

The first case they brought about sabotage, all six of those charges were dismissed…

Bernard Mostert, Mr Tekkie

I listened with excitement about how you talked about the Sneaker Exchange…

Bernard Mostert, Mr Tekkie

We built Tekkie Town into a sound and successful business...

Bernard Mostert, Mr Tekkie

For the South African consumer, the arrival of a new retailer is a good thing…

For the South African consumer, the arrival of a new retailer is a good thing…

--

Also, read:

*Steinhoff paid us with Monopoly money, says ill-sounding Tekkie Town founder

*Tekkie Town execs declare war on Steinhoff, Van Huyssteen fires hectic 1st shot

*It’s reckless! - Steinhoff Africa Retail on Tekkie Town mass resignations

--

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : Tekkie Town spinoff Mr Tekkie to fight Steinhoff owned Pepkor for right to exist


11 September 2018 6:28 PM
Tags:
Steinhoff
Tekkie Town
Braam Van Huyssteen
pepkor
Bernard Mostert
mr tekkie

More from Business

The Duchess gin tonic

The Duchess - the story behind the world’s first non-alcoholic gin & tonic

14 November 2019 12:08 PM

Launched in 2016, The Duchess has won numerous awards and successfully broke into the UK, Belgium and the Scandinavian countries.

Share this:
Read More arrow_forward

Phone

Can’t find your phone? Drop everything – thieves can get into your banking app!

14 November 2019 10:55 AM

Did someone steal your phone? Contact your bank without hesitation warns consumer journalist Wendy Knowler.

Share this:
Read More arrow_forward

SAA

'Unions are making a mistake. SAA is dying. It’s not Eskom – we don’t need it'

14 November 2019 9:02 AM

SAA is on its knees, cap in hand, asking taxpayers for R2 billion this month. Unions must be careful, warns Guy Leitch (SA Flyer).

Share this:
Read More arrow_forward

saa over table mountain.jpg

SAA: Only obliged to inform unions of retrenchments via letter, which we did

14 November 2019 8:07 AM

SAA acting CFO Deon Fredericks says arrangements will be made for customers affected by cancelled flights due to strike.

Share this:
Read More arrow_forward

TikTok logo

TikTok - the best free interactive social video creator

13 November 2019 7:15 PM

Just because it is free does not mean there is no cost though

Share this:
Read More arrow_forward

saa-flightjpg

'SAA might be meeting with unions again in next 24 hours'

13 November 2019 6:48 PM

EWN's Babalo Ndenze reports on SAA management's appearance before Parliament’s Standing Committee on Public Accounts.

Share this:
Read More arrow_forward

191112-akinwumi-adesina-edjpg

Africa Investment Forum secures deals worth $40.1bn

13 November 2019 5:02 PM

There were 56 boardroom deals valued at $67.6 billion tabled - a 44% increase from last year.

Share this:
Read More arrow_forward

180123anoj-singh3jpg

Former Eskom CFO Anoj Singh a no-show at Saica disciplinary hearing

13 November 2019 1:41 PM

Singh faces 18 charges of misconduct at SOE's Eskom and Transnet. EWN's Theto Mahlakoana reports from the Saica hearing.

Share this:
Read More arrow_forward

190423-amcu-members-edjpg

Amcu postpones signing of wage deals with platinum producers

13 November 2019 12:57 PM

Mining MX contributor Ed Stoddard says the union has said via social media that they are still ironing some issues.

Share this:
Read More arrow_forward

191111-saldanha-arcelormittjpg

ArcelorMittal closure in Saldanha Bay a wake-up call - Cape Chamber of Commerce

13 November 2019 11:26 AM

Kieno Kammies speaks to Chamber executive director Sid Peimer and WC Premier Alan Winde about the economic setback for the region.

Share this:
Read More arrow_forward