Kenya

Finlays to close two flower farms

Finlays to close two flower farms

Multinational flower firm Finlays will close its two farms by December 25 due to the increasing cost of doing business.

In a statement dated October 18, the directors said they reached the decision since rose prices are dwindling because of oversupply in the European market and decreasing demand.

Further, unfavourable weather conditions, staggering labour costs and weakening exchange rates are also the reasons why the farms are being closed.

"It is no secret that in the last 18 months, the flower industry has been facing severe challenges... As a result, the directors have made the decision to close Chemirei and Tarakwet farms earlier than initially communicated. The final closure date will now be December 25," the statement reads.