The bells appear to be tolling for John Holt Plc, hietherto a household name in the conglomerates sector of the economy. The venerable company has been bleeding in recently years and according to Broad Street Analysts, has been on life support. Usually reliable company insiders told BH that the stricken conglomerate's situation worsened recently prompting it to summon the Auctioneer, who has placed it on the block. Its sprawling office complex located on Plot 3/4, Adewunmi Industrial Estate, Kudirat Abiola Way, Oregun, Ikeja, Lagos is now up for sale.

According to a document obtained by Business Hallmark, the company is hawking the entire 9.4624 acres(3.8294 hectares) of land which houses several of its business concerns, including the company's head office, John Holt Ventures, John Holt Logistics, JohnHolt Engineering, John Holt Fabrication, John Holt Assembling, Startek, JohnHolt Fire Protection, Yamaha Division as well as other buildings and machineries.

A source within the organisation revealed that since the decision to sell the structure was made public; scores of eager and prospective buyers, as well as estate agents have been thronging the company's Oregun premises on a daily basis to assess the property.

However, Business Hallmark learnt that despite the general consensus of most estate surveyors that the property is a real bargain at the asking price of the N3 billion, no serious bids have been made.

An official of the company who spoke on condition of anonymity, said the sale of the properties were on the order of the management, and that the proceeds realized from the sale would be used to liquidate the company's huge debts and backlog of staff's salaries.

Business Hallmark recalls that the owners of the company recently appointed a new management to redirect it. However, even the new management team made up of its Chairman, Chief Christopher Ezeh, Executive Deputy Chairman, David Parmley, Financial Director/ Company Secretary, Mrs Tasala Osinowo, Mr. Paul Newns (British), Dr. Raymond Obeiri and Chief Dennis O. Odife. Whose core mandate was to revive the dying firm does not seem to have achieved that objective.

Analysts say the challenges before the company are beyond the surface measures which the embattled firm undertook recently. In fact, keen observers of John Holt appear lost in the company's depth of crisis which has eaten up a once proud organization. Many still remember with nostalgia the quality of service delivery, products, manpower and the respect John Holt commanded a few decades back. The company had even ranked above the great UAC Plc, at some point in the1970's.

Surprisingly, that track record, has slipped away. Industry experts are quick to blame bad management for the misfortune of the company.

An inside source told BH that the company's problematic condition is hydra headed, explaining that John Holt may go bankrupt given the level of irresponsibility in the way it has been managed.

According to a staff, “the top management spends money as though the company is competing with Chevron, yet we are told that there is no money. Listen, we don't have money but the last AGM was held at Transcorp Hilton Abuja. The company is sacking staff, yet new persons who earn double our salaries are still being employed”.

Managing Director of Lambeth Trust & Investment Co. ltd, Mr. David Adonri, reckonsthat the company has not been doing well lately, adding that since there are competing investment options, people will prefer those ones that are likely to offer better and higher returns.

Another market analyst, Mr. Teslim Shittabay, believes that the company has lost not only vigour, but focus.

Apart from management ineptitude, some analysts also blamed the company's present woes on its products which they claimed are market laggards. These products include Generating sets, Transformers, Air conditioners, Boats, Outboard motors, Motorcycles, Pumps & Engines, Home Appliances and FMCG products. Other observes finger the menace of fake and cheap products which flood the Nigeria markets as being directly responsible for the woes of the company. Recently, the Director General of the Standards Organisation of Nigeria (SON), Dr. Joseph Odumodu told BH that over 80% of all imported goods and products in the Nigeria market are fake and substandard. Findings by BH reveal that because such goods and products sell at very cheap and give away prices, the unweany Nigerian consumer prefers them, to the detriment of quality goods and products sold y reputable firms like John Holt Plc and others. As one commentator put it, the result of this is that John Holt has been losing business over the years, with a bottom line that is increasingly red. “Such a situation is certainly unsustainable.” With its corporate headquarters now up for sale, the implication is that this iconic company may finally be conducting its terminal Board meeting.

Smh....What a lost glory and i wonder what happens to shareholders money.

Oya, where is Jimoh Ibrahim or is it just Government businesses he "enjoys" buying?

mich2012: Oya, where is Jimoh Ibrahim or is it just Government businesses he "enjoys" buying?

Lol! Dangote might as well come and take over and before we know it Government will ban importation of generating sets so he can sell us some Dangote Generators

^^ haha, yea exactly. That's their way, na paddy-paddy government we get.

I wish the management will sell the company for me at 500 million naira