Investors pull out of St. George’s Development

An emergency meeting was held by the investors related to the Pub On The Square development in the town of St. Georges.

The meeting was a result of recent matters including the government directive to stop work, and the media statements made by Mr. Thomas and Deputy Premier / Minister Raban.

Said by the investors, “The project in St. Georges occurred as result of a call for action by Cabinet Ministers and the Premier, for investment and jobs.”

As investors in support of a skilled, Bermudian entrepreneur, we are confused by the lack of support provided by Cabinet Ministers and The Premier toward this National level initiative.

This support have been inequitable and insufficient relative to the goals, risk and reward. One can look to the political and administrate support provided to Southampton Princess, St. Regis and Arbitrade as examples.”

The investors, to the dismay of Mr. Thomas, have decided to withdraw from the project with the following statement:
“Mr. Thomas was convincing in the ability of his team to provide a viable set of services to the Towne. There was to be a focus on a large variety of food similar to a Cheesecake Factory experience, with inside and outside dining, a private dining area with separate menu and speakeasy entrance, a CakeShop and in addition, a food delivery service.

We do still believe in the concept, but as investors, we do not believe that our money, efforts and reputation are being respected, nor treated without bias. Every project will have its challenges but they are typically faced shoulder-to-shoulder and in private. The precedents being set by the Cabinet Ministers and Premier are perceived hostile and, as unfortunate and intolerable indicators of how future matters would be supported and/or resolved.

It is in this regard and with regret, that we will remove our investment in the project and pull out of
St. Georges.

We wish Mr. Thomas well with finding other investors in the project or purchasers of the property.”

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