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Manning told the Herald: “We have advertised the business for sale as a going concern. All interested parties should contact the liquidators as a priority. We are currently liaising with several interested parties.”

The first liquidator’s report, released today, lists total assets and Evolution’s total deficit as “unknown” at this point.

Funds on hand at the time of the liquidation were $5963 with debts – still being assessed – somewhere north of $462,000.

There are two secured creditors: ANZ Bank, owed $82,446, and Cheryl Renouf Ltd (owner of MTF Finance Whakatāne), owed $32,443.

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South Africa has a gambling problem, and it has exploded since the Covid-19 lockdowns.

Just take a look at the graph below, which shows gambling revenues across all platforms relatively flat from 2005 to 2019. In 2020, during the Covid lockdowns, it dropped by 28% in current prices. It has since climbed 220%.

Read: Sunbet now more profitable than cash cow GrandWest

SA gross gambling revenue 2005-2025

Not shown in the chart is the shift in gambling habits:

• Casinos (tables and slots) grew revenues by 26.1% in 2023, but has since gone into retreat, recording -4.1% revenue growth in the 2025 financial year;
• Limited payout machines (LPMs) grew revenues by 14.4% in 2023 but has…

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Husband-and-wife-led material science company Great Wrap is in administration, with a reported $39 million in debts, citing a slump in demand as retailers and FMCG businesses began to recycle plastic in-house.

Great Wrap was founded in 2019 by Jordy and Julia Kay, a winemaker and an architect respectively. They launched their first stretch wrap product to consumers in 2020, during the early days of the pandemic, and to positive media coverage.

The company received “hundreds of inbound corporate enquiries” following that, “had RFQs with the retailers and trials underway” and “the biggest FMCG companies begging for our product”, according to Jordy.

They targeted enterprise clients, raised $3 million through a…