| After some ten years of building, using personal and other financing, Anguillian businessman, Managing Director of Fair Play Group of Companies, Quincy Gumbs, has signed a 65 million US dollar loan agreement which is expected to complete phase one of his dream project in the near future. That phase includes 80 rooms, an elaborate conference/conventioncentre facility and a spa. The money will also finance other areas for the expansion of the project. |
The loan agreement was signed by Mr. Gumbs and his wife, Mrs. Sonia Gumbs, with the Quantum Group of Vancouver, British Columbia, Canada, represented by Mike Prueter, Lender Representative. The signing was done on Friday, September 16, at one of the resort’s large meeting rooms overlooking the beautiful Little Harbour Bay coastline.
Minister of Social Development, Edison Baird, represented the Anguilla Government at the signing ceremony. He noted that the conference hotel, being built in three phases, was undertaken by Mr. and Mrs. Gumbs using personal funds with a small bridging loan from a local bank (NBA). He saw the US$65 million loan as a good injection in the investment arm of the Anguilla economy. He said that, in addition to completing phase one, the money would also be used to purchase additional land for expansion, implement stage two, (comprising another 94 rooms) as well as bring into focus plans for the third phase. He lauded the conference hotel as being one of the largest and best in the Caribbean. He said the new construction work would generate up to 100 jobs and on completion of phase one up to 280 persons in total would be employed in various areas of the resort.
“I am a member of the Executive Council, and we have been signing MOUs after MOUs with companies from the four sections of the world and, up to this day, not one of those MOUs has borne fruit,” Mr. Baird went on. “They all told us they don’t have any money. How is it that they cannot secure funds, and a local entrepreneur can secure 65 million dollars? That boasts to the strength and vitality of someone and his wife who are bona fide Anguillians. I honestly believe that some of these investors who come to Anguilla are not genuine investors. They are speculators. They want to come here, get a MOU…and then shop around the world to secure funds. But how is it that a local entrepreneur, from his office in Anguilla, can secure 65 million dollars…? It goes to showthat we in Government must look at the situation at home and repose a high level of confidence in our local entrepreneurs. I am very pleased that the Quantum Group has reposed confidence in Mr. and Mrs. Gumbs and, more so, in the Anguillian people…by pumping 65 million dollars in the economy…It could very well be that Mr. Gumbs is the saviour of the Government.”
Quantum’s Lender Representative, Mr. Prueter, said his group was looking forward to a long-term relationship in Anguilla to help create jobs and to build a good reputation between the island and Canada. “We are pleased to announce that we are having this loan arranged in the next 60 days for 65 million dollars,” he stated. “It is going to be used to help your economy to grow and to create business that will be sustainable for many years and generations to come.
“We envisage that when we look at the demographics of the world, and the trend of where people want to holiday…, we feel that with this convention centre the reputation of Anguilla will continue to grow. We are really excited, and I know that this is only the beginning of building a strong relationship going forward.”
Mr. Prueter told The Anguillian afterwards that the Quantum Group was a financial company of private investors looking for business opportunities in the Caribbean. “We have been fortunate to meet Mr. Gumbs and through our leading partners we have been able to facilitate a lending source to give him and his family, and the country of Anguilla, the financial backing they need at this time to take the project to completion and to reach its potential of creating jobs for many within this region.” Mr. Quincy Gumbs said Fair Play Group of Companies had employed Anguillian Economist, Marcel Fahie, as a consultant to help steer the project towards completion. In addition, a consultant from Select Contracts, in British Columbia, had been appointed to draw up a formal business plan for the resort and to work with Mr. Fahie along with the supporting team of Richard Architects and Surveyors of Anguilla. Mr. Gumbs explained that the agreement with the Quantum Group had allowed Fair Play Group of Companies to retain 100% ownership of the resort as an Anguillian project and to appoint its own management personnel without interference from the financiers. He saw nothing that would stop his company from complying with the terms and conditions of the loan agreement (and the interest rate which it had been agreed to), and said he expected the process to be completed within 6-8 weeks. Mr. Gumbs stated that apart from completing phase one, the money would eradicate existing debt; finance the implementation of phase two (comprising 94 rooms) and purchase additional land for a parking lot and for phase two. It is also to purchase land at Cinnamon Reef for the third phase which will comprise a marina and additional rooms. That is expected to cost in the area of 100 million dollars for which new funding will also be sourced. The signing ceremony was chaired by Vincia Gumbs, daughter of Mr. and Mrs. Quincy Gumbs. Those in attendance included Chairman and CEO of the National Bank of Anguilla, Walton Fleming and E. Valentine Banks respectively, both of whom, along with Mr. Fahie, witnessed the signatures. |
