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

--

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


Recommended

by NEWSROOM AI
Read More
[NEW IN SOUTH AFRICA] Download ‘what3words’. The app may just save your life

[NEW IN SOUTH AFRICA] Download ‘what3words’. The app may just save your life

what3words divides the whole planet into three by three-metre blocks. If you get lost or hurt; help will find you.

How to take over (or pass on) the family business

How to take over (or pass on) the family business

The Money Show’s Bruce Whitfield interviews small business guru Pavlo Phitidis, founder of Aurik Business Accelerator.

Be careful who you tie your fortunes to

Be careful who you tie your fortunes to

A business partner can make you. Or break you. The Money Show’s Bruce Whitfield interviews small business guru Pavlo Phitidis.

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

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

Bruce Whitfield interviewed Steinhoff Africa Retail Chair Jayendra Naidoo, as the fight for the soul of Tekkie Town escalates.

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

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

The Money Show’s Bruce Whitfield interviews Bernard Mostert, the outgoing CEO at Tekkie Town.

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

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

Markus Jooste was his “friend” and business partner. The Money Show’s Bruce Whitfield interviews Van Huyssteen.

Popular articles
'Unhappiness with WC administration opportune moment to revive ANC in province'

'Unhappiness with WC administration opportune moment to revive ANC in province'

The ANC's Amos Phago says party to address challenges of racism and factionalism identified in Western Cape branches.

Letting go and moving on after a relationship ends

Letting go and moving on after a relationship ends

Clinical psychologist Dimakatso Maboea discusses ways to accept a breakup and avoid the triggers that could set you back.

[LISTEN] SA's Ndlovu Youth Choir through to America's Got Talent semi-finals

[LISTEN] SA's Ndlovu Youth Choir through to America's Got Talent semi-finals

The choir has been wowing TV audiences in the US and across the world with their energetic performances.

Surfer comes up with insp-EYE-ring way to ward off sharks - take a look!

Surfer comes up with insp-EYE-ring way to ward off sharks - take a look!

Large eye stickers are being stuck to the bottom of surfboards in order to deter sharks.

'Ramaphosa wants to find ways to force pension fund managers to invest in SOEs'

'Ramaphosa wants to find ways to force pension fund managers to invest in SOEs'

Daily Maverick associate editor at Scorpio Sikonathi Mantshantsha takes a look at the week's financial news.

Lion cub worth R50k rescued from house in Cape Town

Lion cub worth R50k rescued from house in Cape Town

The feline was found by detectives at a property in Athlone on Wednesday following a tip-off.

SA’s richest woman opens up about being a refugee and becoming a billionaire

SA’s richest woman opens up about being a refugee and becoming a billionaire

Magda Wierzycka – Sygnia’s renegade CEO – on her attitude toward money (hopes and fears, successes and failures, etc.).