The Government has arrived at an agreement with the three investors who will soon take over operations at the Buccament Bay Resort.
Last Friday, two of the investors, Jonathan Milne and Barry Ferdinand along with the Bankruptcy Trustee Brian Glasgow met with Prime Minister Dr. Ralph Gonsalves to decide on the way forward.
PM Gonsalves said the government will also have shares in the resort.
As it relates to the government lands occupied by the resort, Prime Minister Gonsalves said a deal has been worked out in which the government also stands to benefit.
The Bankruptcy Trustee for the resort Brian Glasgow said getting to this stage was a lengthy process as they had to consider the three thousand investors in the United Kingdom who have shares in the resort.
Glasgow said though the negotiations with the new investors are in the early stages, they have made significant strides, and will soon hand over the operations of the resort to them.
Meanwhile, two of the investors present at Fridays’ meeting with the Prime Minister and the Bankruptcy Trustee said they are satisfied with the outcome of the negotiations thus far.
Barry Ferdinand admitted that it was a hard decision for him to make to invest in the resort, however with the support of his family and the other investor Jonathan Milne he was happy to get on board.
Ferdinand, a property developer, thanked the Prime Minister for his support and expressed high expectation for the transformation of the resort. He said they will ensure that the resort regained its five star status.