‘I will be examining sale of RTW critically’ - Premier Smith
He was speaking yesterday May 3, 2016 during a one on one press conference held at the Central Administration Complex at which he discussed a number of issues of national importance.
Virgin Islands News Online had first and accurately reported in February the possible sale of RTW.
“What I can say is when this matter comes before me I will be examining it critically,” Premier Smith said in response to a question on whether he will be seeking to protect locals.
“It will be taking the entire food industry into consideration when we are considering any application that comes before us,” he said.
Premier Smith noted that if someone wants to operate a business in the VI they firstly need a trade licence. In addition they would need the necessary permission to acquire land if this would be required by the business.The proposed buyer is North West Company Inc.
RTW sale subject to number of conditions
According to the North West Company Inc’s press release, the proposed transaction is subject to a number of conditions, including a definitive purchase agreement and government approvals.
It was stated in the press release that North West is a Canadian-based, widely held public retailer that specialises in serving smaller countries and regions. North West’s retail presence in the Caribbean includes Cost-U-Less stores in Cayman Islands, Barbados, Curaçao, Sint Maarten, St Thomas and St Croix, US Virgin Islands.
“We are very positive about the benefits that we can bring to Virgin Islands shoppers and to the BVI as a whole, building on the accomplishments and strengths of RTT,” said North West President and CEO, Edward Kennedy.
“We’ve been in business for a very long time because we respect every market we serve as being unique. The track record of our new stores in Cayman and Barbados are good examples of this. In both countries, we have created jobs, expanded the retail economy by keeping more sales on-island and helped bring down the cost of living, while being a constructive presence within the broader society.”
Founder of the business Peter Haycraft said he has taken enormous trouble to identify a business partner to take the company forward; noting that in particular the proposed investor has significant resources and vast experience of servicing remote and inaccessible communities, including in the Caribbean, and has the settled intention to maintain and grow the business.
According to Haycraft, the proposed partner can also provide greatly enhanced training and career opportunities for current and future employees both within RTW itself and beyond in its worldwide operation.
Mr Haycraft said he used the term 'business partner' to describe the proposed investors since the separate identity of RTW will remain, and many local shareholders (including himself) may well choose to retain their investment in it.
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27 Responses to “‘I will be examining sale of RTW critically’ - Premier Smith”
In a situation where his Minister for Communications and Works, Mark Vanterpool, owns One Mart - the next strongest competitor to RTW.
In a situation where his Minister of Education, Myron Walwyn, has recently called for new policies to protect businesses - specifically RTW - from being taken over by outsiders - shortly after his own law firm, Orion Law, (also owned by the Speaker of the House of Assembly, Ingrid Moses Scatliffe) "merged" with a Cayman firm wanting to come into the BVI market and now goes under the name of the Cayman firm.
Do I have all that right?
What this country need is for Businesses to stay in the hands of the people who lives here. There are locals here who wants to Buy RTW and they should get first preference. I m totally against this sale to outsiders.
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Anyway, K-Mark and Bobby's will just need to compete harder.
Why is the man selling HIS own business anybody elses business? This has to be a joke...