Sep 2011 Financial News

Back on track

Sep 26, 2011

MONTHS after acquiring the Trimart Supermarket chain, new owners ANSA McAL (Barbados) Limited, are calling it a success story.

This statement was made by Nicholas Mouttet, President and CEO of ANSA McAL in Barbados, which took over a 100 per cent ownership of Trimart, a Barbadian supermarket chain.

In recent years, Trimart had been going through rough times, with the supermarket shelves being far from being well stocked at certain times.

In an interview with Business Monday, Mouttet revealed that there has been much progress with the chain since May when the supermarkets were restocked.

Mouttet reported, “In the few months we have had the business we have gone from being in the red to black. In essence, we are not making significant amount of profits at this time but the trajectory is positive as it is trending upwards and we expect great progress from Trimart.”

“It is a success story because at a time when companies are suffering and closing down we were able to take a company that was losing money and turn it around. The company was able to secure over 200 jobs in the process and as the company does well and grows we will probably be able to increase employment,” he said in the interview.

He indicated, “We have a lot of plans for Trimart. We have already expanded the range of products offered. It is not just about consumers going in there and seeing shelves fully stocked, but the variety of products offered.”

According to him, “During the month of August we added close to 400 new items to the portfolio. We have a wide range of products for the best value and in the coming period we are going to start to see how we can improve the environment and make it a more pleasant shopping experience.”

He said that although Trimart is the only supermarket chain in the ANSA McAL Group, they are confident it will do well, noting that “it is an area that, if it lives up to our expectations, we would look to expand in other markets.”

ANSA McAL’s last financial report showed the Group was doing well and when asked about acquiring new businesses, the CEO said, “At times like this where economies are depressed, quite often there is potential for acquisition because prices fall, possibly because certain organisations are not doing as well and have to sell of assets and businesses.”

Mouttet he said they do have the ability and strength to make more acquisitions “if we see good value, but there is nothing specifically in Barbados we are discussing.”

He acknowledged that while there are businesses and properties in Barbados that ANSA McAL is interested in, “we are not aware of any of them being on sale but as conditions get harder businesses will probably come on the market and if there is an interest we would pursue [it]. Therefore, it is likely we will acquire more assets in Barbados.”

However, he pointed out that the focus was on strengthening the Group’s existing businesses, asserting, “Right now we want to make our own organisations perform better, [and be] more efficient and productive.”


Source:
Nadia Brancker
Barbados Advocate
Monday September 26, 2011

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=20016