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

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

--

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


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