Cold Storage exits rescue, set for beef revival
Cold Storage Company completed corporate rescue proceedings after implementing recovery measures at the beef producer. The process began in December 2020 and concluded on Oct. 16 with control returning to management and the board. Corporate rescue practitioner Crispen Mwete confirmed substantial implementation of the rescue plan adopted by affected parties in April 2025.
The Bulawayo company faced liquidation from mounting debts owed to creditors such as Zesa Holdings and the National Social Security Authority. Poor management and alleged corruption contributed to insolvency alongside old equipment and inadequate funding. A failed 2019 joint venture with Britain’s Boustead Beef prompted the rescue intervention.
The company operates ranches across multiple provinces and feedlots that once made it the nation’s largest beef exporter. Corporate rescue provisions under the Insolvency Act aim to rehabilitate distressed firms while protecting jobs. The model replaced judicial management procedures from earlier company legislation.
