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By now, many companies have felt the economic brunt of the pandemic and are actively seeking some form of light at the end of the tunnel. One such initiative that offers pro bono business rescue services is COBRA – COvid Business Rescue Assistance. The initiative was started by IQbusiness, Engaged Business Turnaround, and Schindlers Attorneysto offer businesses in distress access to extensive legal, advisory, financial, human capital, technology and business turnaround expertise to help businesses in distress - as a result of the unfolding economic crisis.
The objective of the COBRA ecosystem is to coordinate with these businesses via regular webinars and userelationships with key stakeholders (including banks, government, business services firms, private equity funders and institutions) to assist and sustain these businesses through the crisis.
“Many businesses are faced with the task of not only weathering the proverbial storm but also rebuilding the organisation to become more resilient and future-fit,” explained IQbusiness CEO, Adam Craker. “The economic recession, along with the rating downgrade has struck at the very core of business continuity, leaving many to question the next steps. COBRA has the answer.”
At inception just prior to the commencement of lockdown, Schindlers (Maurice Crespi, Managing Partner), Engaged Business Turnaround (Ian Fleming, CEO), and IQbusiness were the main advisory contributors to COBRA. They have been joined by 50 more organisations creating the largest pro bono initiative in South Africa’s history. The COBRA consortium recently announced that a new partner is set to join the COBRA team.
Recognised as the leading voice in South Africa’s automotive aftermarket, the Retail Motor Industry Organisation (RMI) has joinedas a COBRA consortium partner, and, in doing so, is offering relevant, retail and associated motor-related value to businesses in the sector.
“Understanding the uncertainty that many companies find themselves in, RMI is greatly optimistic that we will augment the high standard that COBRA has set,” remarked RMI COO, Jan Schoeman after the partnership was finalised on 24 June 2020. “We are confident that our understanding of the automotive market will greatly benefit those in urgent need of assistance and ultimately, lead to their success and growth.”
To find out more about The COBRA Initiative visit www.COBRA.org.za