Even throughout these tough economic times, Richmark Holdings is accomplishing its stated goal in supporting the economy in South Africa through job creation and by funding exciting new ventures. As a leading angel investor in South Africa, Richmark has helped talented entrepreneurs build their innovative ideas into viable companies.
Early Telecom Investments
Gavin Varejes, an experienced businessman and philanthropist, established the company in 2000. His beginning focus was on early stage telecoms, since that seemed to be the investment sector with the greatest potential for market growth. His intuition was proven to be correct with its funding of Vocall Cellular (Pty) Ltd, which is now a large Super Dealer for Vodacom. Richmark also made an early stage investment in Cellfind (Pty) Ltd, which became one of the top companies dealing in location-based services following its sale to Blue Label Telecoms Limited.
Success in a Tough Business Environment
Even with the current tough trading challenges, Richmark Holdings continues to move forward. Gavin Varejes owes the company’s current success to its market reputation, longstanding customer relationships and willingness to flow with the latest trends. In fact, the changes in bank regulations and the subsequent reluctance of banks to lend money to start-ups has provided more opportunities for Richmark. With near saturation of the cellular market, the company is migrating towards new technologies. While watching cash flows within the company carefully, Richmark Holdings is well set to move into the technology arena and is in the process of updating its financial models to accommodate the changes.
Through its BluChip subsidiary, Richmark Holdings was successful when unveiling its line of interactive touch screens in South Africa. Another of its subsidiaries, Evolution Cycling Group, acquired the distribution rights for two global brands, Raleigh and Huffy. COO Geoff Whyte sees an exciting future as management continues to fund ideas fitting into the company’s core strengths.
Gavin Varejes is the CEO of Richmark Holdings LTD and the President of SARLA (South African Rugby Legends association)