A flower firm based in Isinya, Kajiado County has been placed under administration in an attempt to help it out of its current financial crisis.
Madhav Sudhir Bhandari said he has been appointed the administrator of Desire Flora Kenya Limited by I&M Bank effective October 5,2023 over an undisclosed debt.
“Any party having a claim against the company to submit their claim in writing together with relevant supporting documentation to the administrator on or before November 10,2023 for consideration. The administrator act as an agent of the company without personal liability,” he said in a public notice.
Desire Flora Kenya Limited runs a 16-hectare farm in Isinya where it grows 12 varieties of rose flowers under greenhouses.
A review of the firm’s website shows it has been servicing both the Dutch Flower Auctions as well as direct supply to wholesalers based in the EU, Russia, USA, Canada and Australia.
Placing a firm under administration helps it to regain control when it has serious cash flow problems and facing serious threats from creditors. The flower industry in Kenya has in the recent years been hit by high cost of production and low demand of produce, due to economic hardship in key target markets such as Europe.
Kenya’s earnings from horticultural exports, including cut flower, for the half-year period through June recovered from a double-digit fall in the prior year amid a strengthening euro and moderating inflationary pressures, official Central Bank of Kenya (CBK) data show.
Sales from horticultural exports amounted to Sh69.48 billion in the review period, according to the CBK data, a modest 7.16 percent rise from Sh64.84 billion in a similar period last year.
