Chow Brothers Buy Fire Business From Receivership To Protect Loan

Millionaire property magnates the Chow brothers have been forced to buy a fire services company to protect a bank loan they bought earlier this year, Business Day reported. Michael and John Chow, with their business partner Clint Webber, made a quick decision to buy AFS Total Fire Protection after the Inland Revenue Department threatened to put the company into liquidation on Friday. AFS Total Fire Protection designs, builds and installs fire protection systems to making sure building complies with fire regulations. In a statement, the Chow's company Inno Capital said it bought AFS' bank debt and was working to buy the company. But when Inland Revenue advised it would seek to liquidate the company, Inno Capital appointed receivers to protect its loan. The Chows and Webber confirmed they had reached agreement with receivers Damien Grant and Steven Khov from Waterstone Insolvency to buy the assets of the business. Read more.