by Stacey Russell

GODDARD ENTERPRISES Limited's (GEL)
chief executive has expressed shock at the anti-Trinidadian sentiments expressed by locals in the heat of the takeover battle for Barbados Shipping & Trading (BS&T) between Trinidadian companies.

Martin Pritchard, who heads one of the country's largest conglomerates, told BARBADOS BUSINESS AUTHORITY that his company, like the two regional firms that sought control of BS&T, said his company was always looking for new opportunities and would announce a new offshore investment in a few days.

Barbados' largest corporate entity, BS&T was the cause of a long-running and heated battle between ANSA McAL and Neal & Massy, but was eventually seized by Neal & Massy just a month ago.

"Being very diversified limits the risk of an economic downturn. So our strategy has been to spread out within the region" and embrace the CARICOM Single Market and Economy (CSME), he said.

He pointed out that GEL earned 60 to 70 per cent of its profits offshore, thus the company had proven the business tactic of diversifying geographically and by industries.

"I'm totally behind CSME, but if you look at the recent acquisition of BS&T, some of the comments that were made locally really shocked me . . . .

"I was a bit disappointed because at the end of the day the only way we are going to be able to compete globally is to work as one region," Pritchard declared.

He said during this week GEL would divulge the full scope of its latest offshore transaction, one he had been pursuing for six months and is "very exciting".

Also, he noted, GEL planned to take advantage of falling bank interest rates to expand operations.

"It is good for businesses in a way if you can borrow US dollars to service the debt. (SR)