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Weve spent a lot of money upping our operational staff, which has doubled in 18 months, to support the franchise network.
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Australia ran this product for seven years before we launched it here, so it works incredibly well and we only have a bad debt ratio of 6. The whole model is incredibly profitable. Finding and keeping direction. Back in 1994, Mukheibir and business partner Peter Forshaw brought US brand PostNet to South Africa and purchased Multiserv when it was liquidated.
We were looking to build a multi-brand holding company in the non-food industry, and our maximum personal loan malaysia company, True North Holdings, loosely existed. We soon realised we were diffusing our senior management team too much and wanted to focus our resources on building Cash Converters for the next five years, so we sold Multiserv and PostNet.