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Fresh start


marciadottin, [email protected]

Fresh start

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Come Monday, Trimart’s flagship supermarket at Haggatt Hall will be reopening its doors again to the relief of dozens of employees, scores of creditors and its regular shoppers.
A source told the SATURDAY SUN that ANSA MCAL (Barbados) has taken over as the major owner of debt-riddled Trimart.
Management of the supermarket has been able to repossess goods seized by bailiffs on August 27, remove damaged items and restock shelves.
That sets the stage for the re-opening of Haggatt Hall with virtually all of its staff. The Bridge Street outlet will remain closed.
When bailiffs descended on the two outlets, they were acting on behalf of the landlords, NSR Limited (in receivership), to recover rent arrears of more than $1.7 million.
Ansa Mcal’s chief executive officer David Inglefield and group finance director Monica Hinds are in Port-of-Spain, Trinidad, at a group retreat and could not be reached for comment, but an informed source confirmed that the conglomerate would now be running the supermarket, which had debts bordering $20 million.
“The parties for some time have been trying to hammer out an agreement, but finally they have come to work something out. That agreement has allowed the goods to be handed over and the input of other parties who were interested in coming into the venture. Everything has been signed off on,” the source said.
Yesterday morning, more than 100 creditors operating under the aegis of the Barbados Chamber of Commerce and Industry (BCCI), the Barbados Small Business Association (SBA), and the Barbados Agricultural Society (BAS), met for just over two hours at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St Michael, to discuss how they could recoup their funds from Trimart.
Acting BAS president Wendell Clarke, Chamber of Commerce president Andy Armstrong, and Small Business Association CEO Lynette Holder, all deemed the meeting successful, and paid tribute to the role played by Trimart’s trustee, Dr Grenville Phillips.
Come together
“There was a psychological aspect that made the meeting successful,” Clarke said. “Things are happening all around Trimart and no one is saying anything. We have come together and the trustee appointed by Trimart has explained to us the legal procedures, and I am sure all of the members left here feeling very good because they know what to expect and what part we have to play and what we are looking for,” Clarke said.
Phillips said meanwhile the process was far from over.
“The company has got to prepare a proposal and send it to me as trustee. Once the company prepares the proposal, I will then forward it to the creditors and we will have a meeting of creditors convened by the trustee under the auspices of the supervisor of insolvency where they can consider the proposal made by the company and vote upon it,” he said.
 

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