Business Climate in Sierra Leone is going from bad to worse as more companies are beginning to fold up.
This time around, it is the Sierra Leone Bottling Company commonly known as Cold Storage that has confirmed that it will be folding up for what it described as unsustainable business climate.
In as press release issued out last Thursday 14 June, the company explained that a huge number of their employees have been made redundant as part of a number of changes taking place at the company.
That the changes were as a result of their strategic programme designed to ensure the long-term sustainability of their business, so that they can better serve the people of Sierra Leone, ensuring access to their complete beverage portfolio.
They explained that Sierra Leone market has evolved and has become more complex over the years.
That after a recent evaluation of their current business model in the country, they recognized that it needs to be reorganized so that it can respond quickly to the evolving needs of their customers more efficiently and sustainably.
“Despite other changes applied to date, the current business model remains unsustainable, so the company has decided to take steps to transform the facility into a distribution plant to ensure service to our customers,” Cold Storage maintained.
This means that Cold Storage has folded up production of beverages in the country and will be only left with the option of distributing drinks that will be coming into the country from neighbouring Guinea.
Despite no reaction from the government, it is believed that the reason for the fold up of the production of the company is a result of over taxation by the government.