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,…