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Peter Haycraft confirms RTW to be sold!

- said no one is being ‘squeezed out’ as shareholders can choose to remain
After Virgin Islands News Online had first and accurately reported on February 29, 2016 that Roadtown Wholesale Trading Ltd (RTW) was up for sale and that companies had expressed an interest in its purchase, Founder of the business, Peter Haycraft has confirmed the possible sale. Photo: VINO/File
North West President and CEO, Edward Kennedy. Photo: upfront.pwc.com
North West President and CEO, Edward Kennedy. Photo: upfront.pwc.com
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. Photo: marketbeat.com
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. Photo: marketbeat.com
ROAD TOWN, Tortola, VI- After Virgin Islands News Online had first and accurately reported on February 29, 2016 that Roadtown Wholesale Trading Ltd (RTW) was up for sale and that companies had expressed an interest in its purchase, Founder of the business, Peter Haycraft has confirmed the possible sale.

“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.

24 Responses to “Peter Haycraft confirms RTW to be sold!”

  • I born ya (03/05/2016, 19:46) Like (24) Dislike (9) Reply
    Born here or not, dont sell to a local pleaseeeeeeeeeeeeeeeeee, I beg! Poor people which is the majority need a big break from having to be running to St thomas.
    • HMPH (aka "Socal Comantar" (04/05/2016, 14:55) Like (0) Dislike (0) Reply
      me wan person be able buy cheap food and costuless here good so me no have to traval o STT nomore for foods
    • Cncerned (05/05/2016, 11:22) Like (0) Dislike (2) Reply
      If you are a nonbelonger, go home! Why shouldn't BVIslanders be allowed to buy the business in their own country? It is people like you that make it bad for decent nonbelonger residents. If you don't think BVIslanders should own anything in their own country then you are not welcome here; go to hell home!
      • I born ya (05/05/2016, 12:20) Like (1) Dislike (0) Reply
        Your own robbing you blind with their greed and badmind compare to strangers. I born here to.
    • the view (05/05/2016, 13:35) Like (0) Dislike (0) Reply
      Want to ease the price advantage of St. Thomas? Why doesn't the government talk about dumping customs duty for more than just the cruise sheep, so Tortola can compete equally? Don't the politicians rake in enough with all the hundreds of other fees?
  • Get Real (03/05/2016, 19:48) Like (19) Dislike (6) Reply
    let it be sold NDP has too many conflict of interest!
  • wize up (03/05/2016, 19:52) Like (23) Dislike (1) Reply
    at least haycraft is not closing down the company or directly laying off staff.....one of the members of government that is making the most noise have sold or merge his frim with a company from outside..... i wonder why this NDP regime thinks that only their colleges should grab up everything....
  • TurtheDove (03/05/2016, 19:53) Like (19) Dislike (0) Reply

    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!!!

    • DOUBLE STANDARDS (04/05/2016, 00:29) Like (15) Dislike (0) Reply
      So it was okay for him to sell his law firm to outsiders but not okay for riteway to do like wise?
  • conflict (03/05/2016, 20:12) Like (22) Dislike (0) Reply
    Doc will try to protect his brother in law at all cost or else he wont be able to sleep in peace and we all know why.
  • voiceof the voiceless (03/05/2016, 20:24) Like (9) Dislike (5) Reply
    why is this government pussy footing over thi matter?
  • appreciate explaination (03/05/2016, 20:37) Like (2) Dislike (13) Reply
    Thank you VINO. This explains why the ATM in front of Riteway is a Scotiabank ATM. Also out of Canada. What that
    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!
  • Really (03/05/2016, 21:52) Like (17) Dislike (0) Reply
    Are you for real? Scotia had an ATM at RTW for over 15 years now, even from the old location so WTF are you talking about? Wow!
  • Myo (04/05/2016, 07:50) Like (6) Dislike (12) Reply

    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.

    • HoHum (04/05/2016, 14:57) Like (3) Dislike (0) Reply
      Normal racist nonsense prevails again. Haycroft has been a belonger for longer than you have been alive.
  • concern (04/05/2016, 08:34) Like (1) Dislike (0) Reply
    Sell the business the business to Shawn and no one would comment and the insurance company.
    I guess that's what the people wants
  • ???? (04/05/2016, 10:18) Like (1) Dislike (0) Reply
    Why he didn't sell the company back to his partner Mose????
  • Bernie Sanders (04/05/2016, 11:39) Like (0) Dislike (4) Reply
    That man Heytobacco went public and said i build my new Store cash 7 million$,play the tape people..If Doctor Smith approve this sale he wouldn't get home to his house, the laid off workers will be blocking his gate..This deal will really kill the country ,lets wait and see this story unfolds,pay attention people big companies lay off and cut your pay ,becareful people''
  • Tolian with Sense (04/05/2016, 12:15) Like (2) Dislike (6) Reply
    If you all think Cost U Less buying out RTW will bring us lower prices, THINK AGAIN!

    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.
  • Mountain Man (04/05/2016, 13:32) Like (1) Dislike (2) Reply
    Eight Robberies in one weak!! What next? more layoffs when RTW is sold, so the Robberies will go up to 40 a week..Biras Greek workers ain't get no help yet little dix no help yet Yccs no help ,what will happen RtW VG ,my guest they will close that too..
  • The Auditor (04/05/2016, 14:19) Like (4) Dislike (0) Reply
    sell baby sell we need better prices


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