Self-proclaimed “businessman” Mark Finlayson has announced that his attempt to aquire Robin Hood’s food business has been terminated.
“The deal was terminated as a result of irreconcilable differences,” Mr Finlayson was quoted as saying.
Finlayson wanted his family’s investment vehicle, Trans-Island Traders, to buy Robin Hood’s food business from Sandy Schaefer and his Florida-based partner, Suresh Khilnam.
It is alleged that Mr Khilnam is looking for a way out of Robin Hood as he is unwilling to invest more funds as either equity or loans.
Mr Schaefer wanted to retain ownership of Robin Hood’s high-margin, appliance business, which is is how he started his business here in The Bahamas back in late 1999.
Schaefer has denied that Robin Hood is having financial difficulties.
Finlayson was allegedly interested in gaining access to Robin Hood’s U.S supply chains to assist his City Markets chain of foodstores, which has had supply problems since before Finlayson took over the ailing company last year.
Neil Hartnell, the business editor at the Tribune newspaper has publicly questioned whether Mr Finlayson and Trans-Island were the right people to be leading the food retail consolidation in the Bahamas, given the many ongoing issues yet to be resolved at City Markets.
Hartnell also queried why Mr Finlayson would be spending $3-$4 million on buying a rival which, if it was in financial difficulty, might have gone out of business anyway.
Mr Finlayson, who pretends to be an astute businessman, is credited with running Solomon’s Mines into the ground after his family acquired the business from Solomon Brothers Ltd. in 2004.
At the time of the purchase, Finlayson announced big plans for the high-end retailer, none of which came about.
Mr Finlayson also recently attempted a hostile takeover of Abaco Foods, which was also unsuccessful.
