COURT APPLICATION AGAINST JUST ON COSMETICS  GRANTED BY EAST LONDON HIGH COURT

BY; AYABONGA NKALITSHANA

Court grants court application filed by Mark Nettleton, on behalf of Investec Bank  to secure Investec Security, in terms of a bond it held over Just On Cosmetics assets. The judgement was made at the East London High Court by Judge Lusindiso Pakade last week. Just On Cosmetics held a bond of R41.6 million which gave Investec control over moveable assets, should they default on the bond.  This follows after 500 employees were told to go home last month, following the closure of 43 stores across the country, with 35 of those stores being in the Eastern Cape.

Procurement manager Ricardo Calaca went on to say that the closure was as a result of their major suppliers who supplied 80% of the stock deciding to cut credit to these stores. He continued to say that they are now looking at possible blue chip buyers who are interested at buying a few of these stores or all of them. Just On fortunes changed when its founder Mike Naidoo died just four years ago.

One of the trustees in the Pocot trust which owns Just On cosmetics, Tony Cotterel poured R80 million a year ago in the once successful business which is now facing problems. Just On owes a number of service providers some money like the creditor Kobus Fourie, who owns Mapongu security which provided security services to Just On stores.