Bridgetown.
The Almond Beach Hotel in St Peter will be closed at the end of the month. Employers and shareholders were informed of this development at a meeting yesterday by Gervase Warner, chief executive officer of Neal and Massy Holding Limited, the owners of Almond Beach Resorts Incorporated (ARI.)
Warner told shocked employees and shareholders the decision was taken by the Board of Directors to close the property because it continues money.
He said they had done all within their power to keep the hotel open, inculding the extension of a loan from Scotia Bank.
According Warner, shareholder equilty fell from $111 million in September 2010 to $12 million by December last year. He assured the meeting that the board of directors remained open to the proposals from the employees and the Government, however such proposals would need to have the support of Scotia Bank or another financial institution .
During the emotionally charged meeting, chartered accountant Charles Tibbits said the closure of the hotel did not have the backing of the shareholders. He also expressed displeasure that Almond shares were still being traded on the stock market.
Over 500 people are employed at the St Peter property.
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