The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

CITY Markets principal has told Tribune Business that a deal to sell the supermarket chain's remaining four stores to Super Value had been finalised, adding that attorneys still sorting out the paperwork had suggested it might close on Wednesday.

Mark Finlayson, who heads his family's Trans-Island Traders investment vehicle, which holds a 78 per cent stake in Bahamas Supermarkets, City Markets' operating parent, told Tribune Business in a brief interview on Friday: "The deal between the parties is final, and we are just waiting on the lawyers.

"The next update will probably be on Wednesday, that's what they told me. It's just a matter of the lawyers doing the legal documents and so forth. Everything is moving forward; the parties are in agreement." Super Value owner Rupert Roberts was said to be off the island when Tribune Business attempted to reach him on Friday.

Supervalue and Mr Roberts offered $33 million for City Markets when it was put up for sale by Winn-Dixie in 2006, but never came close to the $54 million winning bid submitted by BSL Holdings, the investor group whose ownership of just over four years proved so disastrous, and is likely to spell the end of one of corporate Bahamas' most recognisable names.

Mr Finlayson, meanwhile, previously told Tribune Business he believes an investment of between $6-$10 million is required to turn the supermarket chain's remaining four New Providence stores around. His family have failed to turn the supermarket chain around despite investing $19 million in it to-date.

City Markets' operating parent suffered a $16.587 million net loss for its 2011 financial year that closed at end-June last year, a sum more than double the previous year's, prior to $15.453 million in 'extraordinary income' cutting the bottom line's red ink to $1.135 million.

Executives of the Bahamas Commercial Stores, Supermarkets and Warehouse Workers Union said they were also anxiously awaiting the conclusion of the legal work, and would move to ensure City Markets' remaining 200-300 workers receive the compensation packages they are entitled to.

Rosalie McKenzie, the union's administrator, also told Tribune Business: "The lawyers are still going through the final documents, that's all I can say right now, but hopefully there will be something happening next week."