Peter Haycraft confirms RTW to be sold!
“I have devoted over fifty years of my life to RTW, starting from nothing and building the company into what you see today. I now wish to retire from day to day responsibility for the business, and to spend some more time enjoying my garden and watching cricket,” Mr Haycraft stated in a press release issued today May 5, 2016.
Mr Haycraft’s statement followed on the heels of a press release issued by The North West Company Inc, which made it public via a press release that it had entered into Letters of Intent to acquire majority ownership position in Roadtown Wholesale Trading Ltd. (operating as Riteway Food Markets).
‘Government approvals’ required
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.
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.”
Meanwhile, Haycraft said it was his heartfelt wish and hope to see RTW continue to trade and prosper into the future.
“The future of RTW is vitally important to shareholders (many of whom are local and current or former employees) and to our loyal and hard working employees; the prosperity of RTW is equally essential to the wider BVI Community, as an important supplier of essential provisions and an important source of employment and training.”
‘No one is being squeezed out’
Mr Haycraft further said in order to progress and build whilst meeting present business challenges, including a growing trend for out of jurisdiction shopping, he believes RTW requires skillful and patient management and ongoing investment.
“I have taken enormous trouble to identify a business partner to take the company forward; 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; 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.
“Importantly, any shareholder of RTW may remain a shareholder. No one is being squeezed out. To conclude, I firmly believe that the proposed investment and partnership is in the very best interest of RTW and of the BVI as a whole,” Mr Haycraft said.
Meanwhile, there were also reports reaching our newsroom that about two local companies/groups had expressed an interest in the purchase; however, it remains unclear if an offer was made to the owners of RTW.
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24 Responses to “Peter Haycraft confirms RTW to be sold!”
VINO first article on this topic was correct. The goverment and My*on cares little about locals but all they do is grasping at straws!!!
means is that Scotiabank customers don't have to pay any significant ATM fee, but everyone else does. They MUST
have known. Perhaps same people on both company's board of directors? Force some people to pay more for cash
right in front of there - than other people. Groovy. Thank you again!
Sell to outsiders you all say? You people loosing your head. A man came here and got rich off the Backs of our people and now refuses to sell to locals...Government needs to give him hell on a sale. Some of you here talking piss may old your heads after sale. Keep thinking you will get lower prices..the same import fees etc the other supermarkets here have to pay, its the same cost-u-less will have to pay so prices will not be the same as the store in St. Thomas. Allu please wake up my people.
I guess that's what the people wants
Shipping, Customs, trucking prices, wages etc will not drop because there is a new owner!
This guy buying out RTW anywhere around $25-30 million, he want to make back that money in less than 10 years I'm sure, so no drop in prices will happen after this sale.
Haycraft getting old and want to enjoy his money even more before he die, hence why he selling out.