The owner of the popular Soweto eatery, Sakhumzi Restaurant, is to venture into big-time insurance business, a launch he has pencilled in for next month.
The decision to embark on the project is motivated by what he describes as "a need to provide township businesses with adequate short-term cover to protect black businesses from catastrophe in the event of any emergency – small or big".
On this, Sakhumzi Maqubela, founder and owner of the restaurant, said: "There is no turning back; the process of diversification continues. We have done our feasibility study; we think we know what to expect. We are excited about the project".
Although his first pet love is the restaurant nestled in the tourist-bustling Vilakazi Street, Orlando West, his business empire boasts an assortment of assets, which include, among others, a filling station, a panel-beating workshop and Sakhumzi Stokvel.
"Cast your eyes on the businesses that were destroyed by floods in Durban. Among other things, the residents lost their homes and expensive electronic devices, with years of accumulated wealth, in whatever form, destroyed in one fell swoop.
"If you did not have a shortterm insurance cover, what is there to live for when your assets, worth millions, and built over many years, are destroyed by floods and rioters?
"Climate change is not a Western scare tactic. It is for real; it has affected many black businesses and households.
"We have seen floods in Joburg, and other parts of the country, destroy our valuables. Not to have a reliable insurance is something we all must avoid. We must protect our assets as efficiently as we can. Not to do so is to court disaster.
"That is where we see ourselves going, hence the launch of our insurance company in February," he said.
