COMPETITION AMONG the independent finance companies in Barbados is about to heat up as Grace, Kennedy & Co. Ltd., Cave Shepherd and United Insurance have bought out the General Finance Corporation and will launch a new company next month.
Roger Edghill, the man who will be the rebranded company's chief executive officer, told the Barbados BUSINESS AUTHORITY the three companies acquired all the shares in General Finance that were previously owned by conglomerates Neal & Massy and Barbados Shipping & Trading.
With the buyout, Grace, Kennedy now holds 40 per cent of the shares, Cave Shepherd 40 per cent and United Insurance 20 per cent.
AN ALLIANCE
Asked what prompted the move, Edghill said Cave Shepherd and the Jamaican company Grace, Kennedy had formed an alliance and were looking to develop financial services in the Eastern Caribbean.
"Part of Grace, Kennedy's major goal is to expand their financial services outside of Jamaica and develop them in the Eastern Caribbean. They were seeking to do this through joint ventures and were looking for strong Barbados partners to help them do it which led them to get together with United Insurance and Cave Shepherd," Edghill disclosed.
The CEO declined to reveal the name of the new finance company but indicated that it will be located in Carlisle House.
General Finance, which has been in operation for the past seven years, offered loans mainly for motor and equipment purchases and leasing. However, the soon-to-be opened company will be expanding its portfolio and offering competition to commercial banks as well.
"We are also looking to form various kinds of investment services including brokered services and expand them outside of Barbados," Edghill said.
Taken from the Barbados Nation web site
