Kim Broom and Africa Msimango took over the Cash Converters branch in Victoria Centre, Pietermaritzburg, on 1 November as part of the Kutana Group’s corporate social development programme.
“Kutana’s leadership is committed to BEE and sustainable growth through responsible investments,” says CEO Thoko Mokgosi-Mwantembe. “As a Pan-African investment company focused on delivering significant shareholder value while contributing to economic and social transformation, we see great development opportunities within the Cash Converters model for both Kim and Africa as well as ourselves.”
This is the first experience of franchising for both Kim and Africa, who both come from marketing backgrounds.
“We believe this franchise offers good products at great prices,” says Kim. “Taking over has been hectic and a huge learning curve for us but we have had wonderful support from the franchisor.”
Africa sees this business opportunity as an important stepping stone: “We want to build a very successful business that generates sustainable wealth for all concerned. In due course, we would also love to open another Cash Converters store in Pietermaritzburg.”
The Cash Converters franchising model includes a three-for-one income stream – dealing in second-hand goods, pawn broking and micro loans. This offers newcomers such as Kim and Africa the opportunity to build a strong, expanding business quickly, believes Group Chief Executive Officer Richard Mukheibir.
“We are delighted that Kim, Africa and the Kutana Group have chosen to partner with Cash Converters as they expand their investment portfolio,” he says. “We appreciate the group’s commitment to the communities where they work because we know how vital such relationships are for building a strong base of satisfied, return customers.”
“For Kim and Africa, we feel sure our systems support and ongoing training will enable them as new business owners to grow their business skills and investment within a supportive and professional environment, guiding them in avoiding common start-up pitfalls.”