Months after its closing after a fruitless search for a buyer, Gladstone Farms Ltd. continues to liquidate its assets.
Last September, after CIBC appointed a receiver and manager, attempts were made at the poultry farm deal with a debt of more than $8.5 million.Classified as heavily debt-burdened and unable to meet its commitments, the plant was closed, its employees laid off and assets put up for sale.In an interview, receiver Ishmael Lightbourne said: “We have been advertising to attract buyers to buy the land, buildings thereon and all other assets that were part or parcel of the property… ideally it was always being sold to somebody who was going to carry on the business of the farm.”
As advertised in The Guardian, assets for sale include two Cat generators valued at $25,000 each; a 1997 Mack truck valued at $30,000; three air compressors valued at $500 each; a York chiller valued at $5,000; a 1994 GMC Sonoma truck valued at $4,000; a Jackson wood-shaving mill valued at $5,000; a 1992 GMC diesel refrigerated delivery truck valued at $10,000; four motors valued at $150 each; a 1994 Ford Ranger and tractor valued at $4,000 and $2,000 respectively.
Its most valuable asset for sale at a reasonable bid, land, includes four sites that include the main plant on Gladstone Road and a 20-acre lot on Carmichael Road.
The 10.247 acre property on the western side of Golden Isles Road in the Carmichael subdivision is currently being sold under a “leasehold” term. The premises must be used for chicken farming and other farming purposes, the leasing term is subject to certain conditions including payment of rent.
Originally, CIBC had hoped that a portion of the debt owed it would be recovered when they took control of the company’s assets and operations.
However, because the plant was in urgent need of a buyer more than anything else, it became completely bankrupt. Now six months later and still without a buyer, it is under liquidation.
“It doesn’t appear that there will be anybody coming forward to operate Gladstone Farms Ltd., as a farm,” Mr. Lightbourne said. “We have advertised it extensively and have not received any favourable results.”
Bahamas Food Services had reportedly shown an interest in purchasing the farm, but withdrew its interest in December of last year.
President of Bahamas Food Glen Pritchard would not say why it was withdrawn.
Other companies showing interest in Gladstone Farms were Blue Hill Roads Meat Market, a leading meat business in Grand Bahama, and Godfrey Eneas, a poultry industry consultant who tried to get support to have the farm sold.
By Lisa Albury, The Nassau Guardian
