No holding back!
Businessman Ryan Haloute says now is not the time to hold back on investment.
Addressing guests this morning at the official re-opening of the company’s newly multi-million dollar renovated Warrens, St Michael branch, the managing director of Chefette Restaurants announced that the company was preparing to make a multi-million dollar investment into a new warehouse and cold storage facility.
Stating that the economy was in need of investment especially now, he pleaded to those present not to hold back.
Haloute said next month Chefette operators would be breaking ground in Lears St Michael for a massive facility as part of a 12-month goal.
He said it would give the company greater control over that aspect of its operation costs and would be the company’s single largest investment to date.
“What we are doing is that we are centralizing all of our storage on the island into one compound. The combined buildings are going to be over 60,000 square feet of storage space,” announced Haloute.
“This is going to give us the flexibility not only to manage our current requirements, but any future requirements that we can think of. That is why we are building it that large. It also helps us to control our costs in the very long term where we don’t have to have things stored all over the island and be paying rent.
“It will also allow us to better control our quality because we will have everything in one central location,” he explained.
He added that it would also allow the company to place greater focus on its manufacturing component.
“That is the goal for us for the next 12 months. It is going to be a huge project,” said Haloute.
He told the audience, that included businessmen Sir Charles Williams, Peter Harris, Sir Fred Gollop and Sir Richard Cheltenham, bankers and representatives from more than 60 companies, that the country was in need of investment at this time.
“The money we have is from all of you our suppliers and customers. We pay our salaries and we take the money and spend it to remodel the stores. Nobody wants to come in a store that is old-fashion looking [or] dirty,” he said.“So we take that money and reinvest it into the company especially at a time like now when we need to reinvest into the company.
“Barbados needs the investment. A multi-million dollar investment like this shows our confidence in the economy at a time when it is being severely tested. Each of us has to try and keep our budgets and keep the expenses very lean. “However, don’t hold back on the spending because the country really needs it at a time like this,” pleaded Haloute.
He lauded the over 800 Chefette staff members for their dedication over the years, saying they played an integral part in the expansion of the company over the past four decades.