$14m payout for Almond staff
THIS MONTHEND is going to be a sad one for 500 staff members of Almond Beach Village in St Peter but, as a group, the employees and management team are expected to walk away with approximately $14 million in severance and other compensation.
This was revealed yesterday by Gervase Warner, president and chief executive officer of the ultimate parent company Neal & Massy of Trinidad and Tobago.
After sinking $56 million into Almond’s three properties since securing ownership of the group in early 2008, Warner said it had now set aside a further $14 million as the costs associated with severance and other worker obligations when the Heywoods, St Peter property closes on April 30.
Employees of Almond had failed in their efforts last month to come up with a plan to help rescue the cash-strapped hotel, as Warner said the debts of the property were too mammoth for an employee rescue plan to effect any turnaround. (GE)