By Al Edwards, Financial EditorPATRICIA ISSACS-GREENE who formerly operated the McDonald's franchise in Jamaica, is set to acquire and manage local fast food restaurant JamRock Sport Bar and Grill, Wednesday Business understands.
JamRock was founded and operated by the partnership of Brian Chung and Chris Cargill, of 5C's Entertainment. Due to a difference in management approaches with their partners, (The Chin-Loy family, headed by Frank) they sold their stake in the popular New Kingston eatery, located on Knutsford Boulevard.
Caribbean Equity Partners (CEP) then headed by Dr. David Panton, Dr. Nigel Clarke and Jeffery Hall acquired an intetrest in the restaurant for the sum of $45 million and employed the Chin-Loys to manage the operation. A year later CEP parted ways with the Chin-Loy's acrimoniously, citing the family's failure to maintain profitability targets in a company that has a US$2 million revenue potential. Things took a turn for the worse with JamRock when CEP took the decision to expand its operations by opening a JamRock restaurant on King Street, downtown Kingston. This new venture was shut down less than two weeks after opening by the Kingston and St. Andrew Corporation (KSAC) for non-compliance with its regulations.
NEW MANAGER
In August of 2002, CEP installed a new manager, American Dan Andros, a 20-year veteran of the restaurant business.
At its peak when Brian Chung and Christopher Cargill were at the helm, JamRock generated sales of $8 million a month. They pulled out when sales dipped to $5 million. In more recent times JamRock has not managed to maintain earlier sales targets.
Mrs. Patricia Issacs- Greene was the former operator and manager of the McDonald's franchise in Jamaica through her company Three Rivers Management.
She has said that she ploughed some US$10 million into running the franchise, opening 12 outlets in four years with plans to open a further 15 over five years.
In January of last year she stepped away from the McDonald's franchise and decided to run a restaurant located in downtown's Jamaica Conference Centre called Kaieteure Foods. Last week it was reported that local businessman Christopher Issa is widely expected to secure McDonald's local franchise.
Wednesday Business understands that JamRock's employees have been told that they will be rehired under different contractual terms.
ATTRACTIVE PROPOSITION
Miss Eleanor Brown who now heads CEP has said that JamRock is an attractive proposition because it has one of the highest sales and cash revenue figures among local resturants in the country. She has always maintained that the JamRock brand could be exported and has spoken of the posibility of expanding the number of outlets in Jamaica. Mrs. Issacs-Greene may well seek to re-establish the vibrancy of the brand and extent its presence throughout the country.
In June of this year the world's highest Test wickettaker, Court-ney Walsh will open, Cuddies', his sports bar in New Kingston which will go head to head with JamRock.
An interested party said, "JamRock has always had great potential but as it stands now it will need another $10 million in refurbishments and equipment. It has an excellent location and the brand is well established."
Brian Chung and Chris Chargill who own and manage popular New Kingston bar and night club, The Quad as well as the longer established Asylum, also submitted a bid to once again acquire and run JamRock but their effort proved unsuccessful.
Mrs. Issacs-Greene was unavailbe for comment yesterday.
