Investors Withdraw From Planned Business

April 13, 2022 | 7 Comments

The investors in the planned new eatery in the east end have “decided to withdraw” from the project noting what they called a “lack of support provided by Cabinet Ministers and the Premier toward this national level initiative.”

A spokesperson said, “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 Roban.

“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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Comments (7)

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  1. never ever says:

    guess you didn’t speak with the correct f of f of the govt. As long as they are in power we will continue to go backwards. same as the old out of date heritage lot. U want an old town u got it just rolls up the sidewalks and turn the lights off every afternoon. I am sure the horrible offending disgusting obtrusive vent could have been hidden by a facade that suits. to to much backhanded under the table crap goes on.

  2. PLP at work says:

    This is the status quo as no PLP F&F were to benefit from Mr Thomas business! But go ahead and vote for the PLP Mr Thomas – I hope you see that there a 3 Bermudas- white, black (you) and F&F

  3. kevin says:

    Well history has a way of repeating itself again the plp have turned away from stgeorges …..remember stopped the tax and then the compensation then the Police station ..then the fire station ….all of the protest against St.Regis failure to attract an east end cruise ship …………but the blind mice will continue to vote for them
    if the oba didnt give the corporation a small fuel tax they could not have survived …but a plp mayor will find a way to give the town away to the green machine
    just cant make this sh*t up

  4. Average Bermudian says:

    What a bs excuse by these investors

  5. Harry says:

    I understand there is a listed building issue, but anyone who aims to replicate ‘a Cheesecake Factory experience’ deserves their business model to fall at the first. Surely we can aim higher than mass produced junk?

  6. unknown800k says:

    egomeir at his best again.
    I guess your not affiliated with regis princess bitcoin..

  7. sandgrownan says:

    “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.”

    …treated without bias….

    Well, that’s the PLP government and the enabling civil service all over.

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