Bidvest has disposed of its travel interests in its ongoing effort to reorganise the company for higher growth.
Diversified industrial group Bidvest has sold its struggling BidAir Services business to a consortium that includes management and Africa’s biggest ground handling company.
The travel bans and lockdowns saw the air services companies in the Bidvest stable come to a virtual standstill in 2020, forcing the companies to declare losses and retrench large numbers of staff at BidAir Services, BidAir Cargo and Bidvest Premier Lounges.
Bidvest did not dally and made the decision to dispose of BidAir Services, along with its car rental business, at the end of its 2020 financial year, noting that it expected the travel, tourism and related industries to underperform into the future.
It will retain BidTrack, Vericon and Bidair Cargo, which achieved commendable results, as did Bidair Lounges, which was on track for a strong performance until the pandemic curtailed its performance in the fourth quarter of 2020.
While travel may be struggling, the hygiene side of its business, which Bidvest first invested in 30 years ago, is going from strength to strength. This is not just due to Covid-19 but is a long-term trend that is…