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Financial News

Jan 2009 Financial News

Supreme Ventures Limited – SVL restructures operations at Coral Cliff in Jamaica

Jan 21, 2009

The following press release was received from Supreme Ventures Limited:

Supreme Ventures Limited (SVL) has announced the restructuring of business operations at its Coral Cliff facility in Montego Bay, Jamaica effective 16th January 2009. The restructuring exercise is aimed at improving efficiency in operations, thereby contributing more to the Group’s profitability.
The measures for restructuring include:
• Coral Cliff will change to new opening hours as follows:
Monday – Saturday: 11am to 2am Sunday: 10am – 2am
The Video Arcade for children will operate from 3pm – 10pm (Thursday & Friday) and 11am – 10pm (Saturday & Sunday).

• The restructuring process will also see closure of the unprofitable Coral Cliff hotel and Ma Lou’s ‘fine dining’ restaurant operations. These measures, as well as the new operating hours, will lead to approximately 43 positions being made redundant at Coral Cliff.

The management team, being fully aware of the current and prospective economic impact this will have on the staff, has put together an enhanced redundancy package for the workers being displaced. This includes attractive redundancy payments plus full health benefits being retained to October 2009, the end of the current financial year.

SVL’s Chairman – Paul Hoo and President & CEO –Brian George, in the recent disclosure of the company’s 2008 Audited Financials, had signaled in their outlook for 2009, that ways would be identified to review and re-organize the lottery game portfolio, restructure and improve the performance of the gaming lounge operations and aggressively manage operating expenses. The company recently terminated its Bingo lottery game, which was also unprofitable.


Source:
The Trinidad and Tobago Stock Exchang Limited
Tuesday January 20, 2009