Three investors for the Buccament Bay Resort along with Brian Glasgow of KPMG, the Trustee in Bankruptcy of Harlequin Property SVG Limited, have signed a Head of Terms agreement.
The investors are businessman, Kelly Glass; Jonathan Milne-a hotel and property developer based in Scotland and Vincentian born Entrepreneur- Barry Ferdinand.
Brian Glasgow of KPMG speaking at a press conference on Friday October 19, 2018 expressed satisfaction with this new consortium of investors.
Even as negotiations are presently ongoing, Mr. Glasgow expressed optimism that the “Buccament Bay Resort seems destined for a successful future.”
Speaking on behalf of the investor group, Mr. Barry Ferdinand said this has been the most difficult transaction he has been involved in, but noted that they will do their best to deliver what needs to be done at the resort.
Mr. Ferdinand said plans for the development of what he said will be a five star resort, will be outlined in the next few weeks.
The Buccament Bay Resort which began operations here in 2011, was shut down in December 2016 after running into financial difficulties.
