The entrepenuer who owns Quiver Lounge & Grill Mr Peter Mbugua was relatively unknown until he found himself embroiled in the ownership of Definite Assurance Company Limited.
Speaking to the Business Daily, the serial entrepreneur intimated that he decided to diversify into insurance because club business has no longevity and he cannot sustain the odd hours once he clocks 50.
“Club business, like it or not, does not last for too long”, he told the publication.
In the rare media interview, Mr Mbugua said he is always home at 5am to take his children to school.
The businessman’s wife quit her job at a local bank to lend her hand in running Quiver Lounge. Interstingly, Mr Mbugua never misses church and doesnt consume alcohol.
“I don’t miss going to church. I am never branded as a nightlife person. There is Peter and there is Quiver”, he told BD.
Even with the successes of his chain of clubs, it is Definite Assurance Limited-that targets public service vehicles- where he holds 22 percent stake through Swingers Skypark Lounge Ltd that has thrust him to public scrutiny.
Mr Mbugua invested Ksh175 million as seed capital to the venture but delays by the Insurance Regulatory Authority (IRA) to issue them with an operating license prompted to opt out.
His partners, who include Sportpesa CEO Ronald Karauri with a 10% shareholding, offered Ksh195 million which he declined.
Mr Mbugua demanded Ksh500 million. This is after Definite Assurance received the operating license from IRA on 11 December 2024.
According to Kushian Muchiri, who holds a 30% stake in the business, the Quiver Lounge owner had resigned and agreed to share transfer terms, stating,
“He (Mr. Mbugua) resigned, signed shareholders and board resolutions, signed share transfer forms after which the shares were sold to raise his requested settlement of Sh195 million.”
It is yet to be seen how the parties will settle the dispute.
