43% revenue reduction bites Auction Holdings Limited

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Auction Holdings Limited, which owns tobacco marketing floors, is going through economic challenges a development that has led to delay of payment for its staff.

Staff members at the organization have gone for two months without payment thereby raising fears of industrial actions.

Speaking in an interview, the organization’s public relations officer Tereza Ndanga confirmed the news. Ndanga has cited their financial woes as the reason behind the delay in payment.

She attributed the financial challenges to Covid-19 pandemic and failure to reach sale targets. On the pandemic, Ndanga said the company has spent a lot on preventive measures which was not planned.

Ndanga added that their sales projection were pegged at 173 million Kilograms but they only managed 114 million kilograms.

The public relations officer has since assured staff members of getting their payment in arrears soon.

“Our bankers understand urgency of the matter and we are hopeful for a solution soon.”