RBSC

Collapse

Announcement

Collapse
No announcement yet.

Walkerswood parent posts 9% higher profit for 2010

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
  • #1

    Walkerswood parent posts 9% higher profit for 2010

    Walkerswood parent posts 9% higher profit for 2010


    Wednesday, June 01, 2011


    THE investment consortium, New Castle Company, which, in 2009, bought for $350 million in cash 90 per cent of Walkerswood Partners Limited — the holding company for local food processor Walkerswood Group — made $66 million in profit in 2010.


    According to Pan Jamaica Investments (Pan Jam), New Castle — which also owns Busha Browne and Jamaica Joe and within which Pan Jam has a 25 per cent stake — revenue climbed from $416 million in 2009 to $673.2 million last year, representing a 61 per cent jump in sales.
    A section of the Walkerswood factory in St Ann.



    The group made $60 million in profit for its first eight months of operations in 2009.

    "(New Castle) continues to develop new and existing markets and the contribution to (Pan Jam's) net profit of $16 million was nine per cent more than 2009 levels of $15 million," Pan Jam added in its 2010 annual report. "We are delighted to see the Walkerswood and Busha Browne product lines consistently in the retail trade both locally and abroad."

    In May 2009, the consortium, which includes Pan-Jamaican Investment Trust Limited and Associated Manufacturers Limited (AML), producer and local distributor of the Busha Browne and Jamaica Joe lines of sauces, jams and jellies, undertook the investment after creditors agreed to a massive court-approved, debt restructuring that would pave the way for a US$5-million rescue plan.

    Walkerswood Group became insolvent after years of losses and racked up $375 million in current liabilities in excess of current assets.

    The cash was used for badly needed working capital and the future development of the company.

    The buyout deal called for creditors to take as low as 25 cents on the dollar owed to them along with special redeemable preference shares through a Creditors' Trustee that will entitle them to receive 50 per cent of the consolidated annual net profits of the Walkerswood Group in excess of the first US$2 million for a period of 10 years. Those profit projections were based on strong demand for Walkerswood products in the US and the UK.

    After the acquisition, AML's business was merged with Walkerswood and is producing at both the AML facility in Kingston and at the Walkerswood facility in St Ann.

    Pan Jam, which owns 25 per cent of New Castle, reported in its 2010 annual report that New Castle had assets totalling $788 million and liabilities of $317 million, up from $461 million and $147 million, respectively, in 2009.


    Read more: http://www.jamaicaobserver.com/busin...#ixzz1O5AJfsNC
    "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."
    Tags: None
  • #2
    Wah yuh seh Sass?
    "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."

    Comment

    • #3
      Best jerk seasoning out of a bottle that I can find!
      Peter R

      Comment

      • #4
        Without a doubt. Such an excellent brand, I really hope the new management finds a way to generate sustainable profits.
        "‎It is easier to build strong children than to repair broken men" - Frederick Douglass

        Comment

        • #5
          This only happen because they could have sold the company and cut their debt. A few years ago this company was in trouble. Can you imagine if the bank had raise the interest rate to 90%???????
          • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

          Comment

          • #6

            Infidelity does not consist in believing, or in disbelieving; it consists in professing to believe what he does not believe. Thomas Paine

            Comment

            • #7
              Originally posted by Assasin View Post
              This only happen because they could have sold the company and cut their debt. A few years ago this company was in trouble. Can you imagine if the bank had raise the interest rate to 90%???????

              Then they would all be buried in a 90 feet GRAVE , no resuscitation or life line
              “Life is a system of half-truths and lies, opportunistic, convenient evasion.”
              - Langston Hughes

              Comment

              • #8
                Originally posted by Assasin View Post
                This only happen because they could have sold the company and cut their debt. A few years ago this company was in trouble. Can you imagine if the bank had raise the interest rate to 90%???????
                ...and you think some of the FINSAC'd entities could not have gone this route?

                Well...if not, why not?

                Politiks a bline yuh r@##$$$! (Wry su-mile!)
                "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."

                Comment

                • #9
                  FINSAC wouldn't allow them to sell it.

                  Even if they sold it they still woulda owe FINSAC the added interest on the debt, so where is the incentives to sell.

                  Now you see the difference????
                  • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

                  Comment

                  • #10
                    Originally posted by Assasin View Post
                    FINSAC wouldn't allow them to sell it.

                    Even if they sold it they still woulda owe FINSAC the added interest on the debt, so where is the incentives to sell.

                    Now you see the difference????
                    A financial institution or debt collector cannot prevent you from settling your debts. So the claim that FINSAC would not allow a sale is not an absolute...it has to do with the 'conditions of sale'...i.e. what is that sale agreement...how does it relate to what is sensible to accept when compared with keeping ownership of the assets?

                    The questions you must ponder are:
                    a) Did the persons or entities have alternate plans on disposing of the assets to minimize losses - i.e. either make a profit or breakeven or dispose of the obligations?

                    b) If not, why is it the persons or entities could not put together a package that FINSAC could/would accept or could/would have found acceptable?

                    ...but then you are blinded by politriks!
                    "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."

                    Comment

                    • #11
                      The fact is FINSAC was not into debt forgiveness or working a sensible deal that suit the entrepreneurs. FINSAC continue to add interest on people debt and property years after taking it over.

                      Can you tell me what is the sense of that if their intention was to help the people to get rid of the property????? Isn't that making it harder to get rid of the property. I had to work with banks in the last 3 years and if a FINSAC I was working with I would have been SCREWED, so you can stop talk bout politics.

                      Anybody who had to work with bank during the downturn can tell you if they had to pay interest of 50% 3 years after the downtown, they would be pauper right now, just because they lost a job or lost value in their property and not because they can't manage their budget.


                      Debt collection shouldn't be the main objective of FINSAC but to manage the bad debt Portfolio.
                      • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

                      Comment

                      • #12
                        Originally posted by Assasin View Post
                        The fact is FINSAC was not into debt forgiveness or working a sensible deal that suit the entrepreneurs.
                        Based on the information posted on this site that is false.

                        The figure I remember claimed 10 of thousands were given debt forgiveness or modification or reworking of their loan obligations. A relatively few could not arrive at a solution.

                        You refuse to acknowledge that fact as you are blined by your political leanings! You then make outlandish allegations which you pass of as facts.
                        "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."

                        Comment

                        • #13
                          Where is the facts Karl, the FINSAC chariman trying to publish something in the Gleaner.

                          Let him publish the list and we can judge for ourselves.
                          • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

                          Comment

                          • #14
                            Originally posted by Assasin View Post
                            Where is the facts Karl, the FINSAC chariman trying to publish something in the Gleaner.

                            Let him publish the list and we can judge for ourselves.
                            Do you have facts that dispute ten of thousands were helped and there were only a few who were not?

                            ...or the facts on what you have been claiming -

                            The fact is FINSAC was not into debt forgiveness or working a sensible deal that suit the entrepreneurs
                            ?
                            "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."

                            Comment

                            Previous template Next
                            Working...
                            X