MARGARITAVILLE Caribbean, which runs bars and restaurants across the region, received a fresh injection of more than US$7 million (J$800 million) from undisclosed shareholders in a bid to reduce debt and prepare it for expansion.
“We are just shoring up our balance sheet and getting ready for additional growth plans,” Ian Dear, chief executive officer, told the Jamaica Observer in an interview on Monday, but declined to name the shareholders who advanced the funds.
The company previously revealed plans to expand into four additional territories, starting with St Thomas in the US Virgin Islands, in the medium term. The expansion would result in a seven-territory operation.
Published in the Observer
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