Tycoon John Moxon's Meikles exits Zimbabwe's hotel industry after a public family succession fight

The Zimbabwean conglomerate built by John Moxon's grandfather has sold its stake in the Victoria Falls Hotel to African Sun Limited, leaving the country's hotel industry entirely and closing a retreat that has run for seven years.

Meikles Limited and African Sun have operated the hotel on a 50:50 basis since 1998. The property itself is owned by Emerged Railways Properties, a joint venture between the National Railways of Zimbabwe and Zambia Railways, and has been trading since 1904.

Neither company disclosed a price.

Meikles acknowledged the reversal in its statement. "The Company had initially resolved to retain the operation as part of continuing operations, but subsequently received and accepted an offer from its joint venture partner to acquire its interest in the Partnership," it said.

Moxon is the grandson of Thomas Meikle, who opened Meikles Departmental Stores in Bulawayo and Gweru in 1894. His mother, Marjorie Meikle, was the founder's eldest daughter. He spent decades building the business into one of Zimbabwe's largest listed groups, spanning retail, supermarkets, agriculture, hospitality, property and financial services.

He is no longer chairman. Fayaz King held the position when the group reported half-year results in December, and reporting on the current transaction refers to Moxon as the former chairman.

The succession fight

The change followed a public dispute inside the family.

newZWire reported in October 2024 that Moxon opposed a takeover of the group by his own son, Matthew, saying it had been carried out behind his back. Other board members were reported to be opposed to the planned transaction.

Matthew Moxon had been appointed to the Meikles board in April 2022 while serving as managing director of Tanganda Tea Company and Thomas Meikles Properties, the group's tea and property arms, and was widely regarded at the time as his father's successor.

Accounts of the family's shareholding differ. Billionaires.Africa has reported Moxon holding 27,933,226 shares, or 10.8%, as the largest individual shareholder. newZWire reported that Meikles Consolidated Holdings, a company belonging to Moxon, owns 48% of Meikles Limited. Mega Market, a vehicle of the entrepreneur Shiraan Ahmed, is the second-largest holder, with Old Mutual third.

Seven years of selling

The Victoria Falls disposal completes a sequence.

Meikles sold the Meikles Hotel in Harare, the group's namesake property, to Dubai-based Albwardy Investments for $20 million in 2019. The buyer converted it into a Hyatt Regency. In 2022 the group spun off Tanganda Tea and listed it separately.

The Victoria Falls stake then went through three positions in eighteen months. Meikles held talks with Albwardy in 2024, which triggered a boardroom dispute over whether Moxon, then chairman, had adequately consulted African Sun. In December 2025 the group abandoned the sale, with King citing a highly encouraging outlook for Zimbabwean tourism. On June 2 this year it issued a cautionary statement reopening discussions, warning that a disposal could qualify as a Category 1 transaction under Zimbabwean listing rules.

The numbers behind the decision

Trading performance offers part of the explanation.

Average room occupancy at the hotel held at 39% across the financial year ended February, unchanged from the previous year, in a period when Zimbabwean tourism grew. International arrivals rose 11% to 384,561 in the first quarter of 2026 and tourism receipts increased 14% to $251 million. Emerged Railways Properties is expected to begin a major refurbishment programme this year.

The wider group is under pressure. Meikles reported an after-tax loss of ZWG165.7 million for the six months to August 31, 2025, against ZWG1.5 million a year earlier. Its supermarket business accounted for 98% of turnover and was hit by power outages and high operating costs. Group revenue rose to ZWG6 billion from ZWG5.4 billion, with EBITDA up 74% in inflation-adjusted terms to ZWG70.7 million.

Consolidation at the falls

African Sun already runs Elephant Hills Resort, Hwange Safari Lodge, Troutbeck Resort and three Holiday Inns. It disposed of Caribbea Bay Resort in March and has been reported to be preparing to delist from the Zimbabwe Stock Exchange.

Albwardy Investments completed a $30 million purchase of the former Kingdom Hotel, now Makasa Sun, from First Capital Bank in May, extending its own position in the resort town.

Meikles has not said what it intends to do with the proceeds.