Gov’t folds! Roadtown Wholesale Trading Ltd SOLD!
The sale to the Canadian Company North West Inc of Roadtown Wholesale, the biggest food chain in the Virgin Islands (VI) which owns all the Rite Way Food Markets with locations in Virgin Gorda, East End, Pasea Estate, Flemming Street in Road Town, Road Reef, Harbour Market in West End, Nanny Cay and Fine Foods in East End, took place last month.
NDP approved sale
In addition, the Government of the VI issued the Canadian company with a Trade License just before Christmas 2016 and other approvals after the owners of Roadtown Wholesale rejected an offer by a local company to purchase.
A copy of the rejection letter obtained by our newsroom was also sent to Premier and Minister of Trade Dr The Honourable D. Orlando Smith (AL); however, as expected nothing was done by his administration to help facilitate a local purchase.
It was this news site in February 2016 that first and accurately broke the news that Rite Way Food Markets will be sold and Founder of the business, Peter Haycraft subsequently confirmed the possible sale.
Once the news hit the streets and that it had a local company willing to purchase, one controversial politician, Hon Myron V. Walwyn (AL), the Minister for Education and Culture, went to the House of Assembly (HoA) in April 2016 claiming that he was against the sale and wanted to “protect local business.”
Hon Walwyn & hypocrisy
In his usual grand standing and striving to remain relevant by appearing to be on the right side of issues, the Minister told the HoA “we cannot allow certain companies to come into the Virgin Islands here with all their money and take over what we have and put all those locals out of business.”
Minister Walwyn in his heated rant said “there is something coming down the pipeline and I am going to stand on the forefront of it because it is our job as legislators not to just talk; talk is cheap; money buy land…”
However, while Mr Walwyn was in the Legislature claiming to want to protect local businesses and that “we cannot simply be consumers in our own country; we have to be owners”, he was at the same time negotiating the sale/merger of his own company Orion Law to a foreign entity.
Who is North West Inc?
The Canadian Company North West, who will now own all of Rite Way stores, including the Cash and Carry in Pasea Estate on Tortola, has retail presence in the Caribbean including Cost-U-Less stores in the Cayman Islands, Barbados, Curacao, St Martin, St Thomas and St Croix in the US Virgin Islands (USVI).
It is our understanding that the purchase of the Majority ownership in Roadtown Wholesale Trading Ltd, by North West comes with a few restrictions, which include that North West will continue to operate the business under the trade names, Rite Way Food Markets and Roadtown Wholesale Trading.
In addition, certain VI shareholders will continue to be a minority part of the ownership and will have a seat in Board meetings.
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45 Responses to “Gov’t folds! Roadtown Wholesale Trading Ltd SOLD!”
Myron better go take several seats
I would then invite all the naysayers who are quick to talk just because they have mouths to please explain:
1. Why a business started by a UK couple, rejected for funding by UK banks back in the time when there was NO BANK in the BVI and who started this business on their own backs and built it up to be what it is today, should now just sell it to a local because they are local?
2. Why a local did not do exactly the same as the Haycrafts back in the 60s so that a petition for the business to remain 'local' would have a little more weight to it?
3. Which locals jobs are in jeopardy as they claim? Remember, no cheating; you cannot suddenly claim that 'locals' include those who are 'not born here' when it suits you.
As I see it, the Haycrafts built that business up to what it is today on their own steam and it is clear that they want to maintain brand 'Road Town Wholesale' and brand 'Rite Way' as a legacy (hence the agreement that the names will be not be changed). They are ENTITLED to do so, having put in the legwork and effort to build THEIR brand. Because some now claim that it is local after being here for so many years and becoming profitable in those years does not change the facts. Also, local shareholders maintain their shares, so where is the supposed victimization of locals? This is not some communist enclave where foreigners can come in and build businesses which can then be seized by the government of the day because they have proven to be profitable. Get real. This is the British Virgin Islands. No one owes you anything. Either put in the same hard legwork and build something up locally that can be proudly called local, or else as some of you like to say "have several seats" and hush because this false sense of entitlement is exactly what is killing local entrepreneurial spirit.
1) “We cannot simply be consumers in our own country; we have to be owners”,
Don't forget who created Rite Way. An English Expat did. It's easy to claim than create.
2) Which local company wanted to buy that's NOT owned by a politician?