The reopening of the Buccament Bay Resort will soon become a reality with the signing of a head of terms agreement between Trustee in Bankruptcy and the new purchasers.
Prime Minister Dr. Hon. Ralph Gonsalves made this disclosure at a press briefing on Friday, October 19th, 2018, at Cabinet room. He, at the time, was joined by Trustee in Bankruptcy, Brian Glasgow of KPMG, Barry Ferdinand and Jonathan Milne. Kelly Glass, the other purchaser, was out of state.
Prime Minister Gonsalves said he had hoped the Buccament Bay Resort would reopen for Christmas, however he is pleased a Heads of Agreement has been signed. Dr. Gonsalves stated the Government is “a partner in this venture because the Government has at Buccament just over four and a half acres (4/1/2) of land in the complex, two acres at the beach front.”
According to Dr. Gonsalves, the 4/1/2 acres owned by the Government will be considered as seven and a quarter percent non-voting preference shares, “The Government will have a value to the tune of seven and a quarter percent of the company.
The Prime Minister disclosed that the new purchasers have asked to lease 3000 square feet of seabed for the placement of a jetty “so we have to come to terms with the seabed also.” There is one other parcel of land in the area that needs Government’s intervention, the Prime Minister explained. There is a lot 20 on which there are several buildings but it “is owned by a different company” than the previous owners. The arrangement for lot 20 is that the Government will acquire it “for the purposes of tourism development to be part of this Buccament development for the new purchasers.
The trustee in Bankruptcy, Brian Glasgow of KPMG shed some light on his role in the Buccament Bay Resort that went “heads up”. Glasgow explained the post of Trustee is facilitated by the investors who comprise around 3000 persons “most of them based in the UK.” Glasgow said he has been involved in negotiations with various groups of prospective persons over the last several months “and just a few days ago we were able to sign a heads of terms agreement with a consortium…”
One of the three purchasers of the Buccament Bay Resort, Barry Ferdinand, stated he is very pleased to be involved in the project. The Apogee Co-Founder described the process as one of the most difficult transactions he has been involved with. Ferdinand said there is some emotional attachment to the project as “I am a Vincentian” and has a vested interest in this country.
Ferdinand commended Prime Minister Gonsalves for his input in the project, noting that he was very impressed with him as a person. He pledged, on behalf of the other partners, to do their best. Ferdinand said he surrounds himself with people who have better skills than he does and he is pleased with the core skills of his business partners.
According to Ferdinand, they will create an open company with the setting up of a board of directors disclosing that this was not so in the previous administration of the resort.
Scottish Investor, Jonathan Milne, stated they “have done a lot already and we have a lot still to do”. Milne has hopes of opening the resort to an “excellent standard in the very near future”. He expressed his pleasure to be in partnership with the others on the project.