Friday 24 January, 2020

Local Burger King owner acquires Sweet River Abattoir facilities

Restaurant Associates Limited, led by CEO Richard Lake, purchased the abattoir via auction in November.

Restaurant Associates Limited, led by CEO Richard Lake, purchased the abattoir via auction in November.

Restaurant Associates Limited (RAL), the owner of the Burger King chain of fast-food restaurants in Jamaica, has acquired a state-of-the-art abattoir facility that was previously owned by Sweet River Abattoir and Supplies. 

RAL, led by CEO Richard Lake, purchased the abattoir via auction in November.

“We purchased the property for $160.5 million. We will be spending a further $50 million in upgrading the facilities at Sweet River,” Lake told Loop News.

Founded in 1984, RAL is a family-owned business that is a vertically integrated group of companies including quick-service restaurants, logistics and manufacturing, agriculture, construction, development and property management.

RAL currently represents international and local quick-service brands across more than 70 locations in Jamaica, Trinidad and Barbados, according to its website. These brands include Burger King, Little Ceasars, Dessert Bar and Popeyes.

The newly acquired facility will complement operations at RAL's subsidiary company, Lydford Logistics in St Ann, Lake said.

“We will be doing value-added products of bacon, ham and pepperoni,” the CEO stated.

Lake added: “The property should be transferred in our name this week and we will take immediate possession and will be in production at the facility in the weeks thereafter."

The slaughterhouse assets in Sweet River, Westmoreland, went for auction in November following a loan called by First Global Bank. The auction was conducted by CD Alexander Company Realty Limited in Kingston.

The auctioned land area is inclusive of five acres of land and the two-storey building on it measures 16,800 square feet.

The ground floor holds a state-of-the-art slaughterhouse, two offices and the second floor contains storage. The auction also included equipment for slaughtering.

Sweet River, a company listed on the Jamaica Stock Exchange was in debt taken on to build the abattoir.

The loan was called by First Global Bank early in 2019.
 

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