News
July 31, 2018
Buccament Bay Resort buyers to sign Heads of Agreement document

The entity which is purchasing the Buccament Bay Resort is expected to sign a Heads of Agreement document with trustees in bankruptcy, KPMG.

Prime Minister Dr Ralph Gonsalves, during a press conference last Monday, said that the agreement was expected to be signed later that week.

“We have worked out, as far as I am aware, all the issues with the purchasers. There are a couple of things we have to sign on to, but they can take possession before we sign on to them,” he said.
The prime minister added that he did not want legal issues to hold up any of the procedures.

The Buccament Bay Resort, which was owned by Harlequin Properties Limited, began operations in 2011.

However, it was shut down in December 2016 after running into financial difficulties, resulting in the disconnection of utilities and non-payment of salaries and wages to staff members.

The resort comprised approximately 116 completed cabanas, central facilities, including restaurants and an hotel block comprising of 50 rooms, at the time of its closure.