Operational changes effected to CPJ non-core

Operational changes effected to CPJ non-core

Taste of Life Limited to manage CRU Bar & Kitchen

BY DURRANT PATE
Observer business writer

Sunday, January 26, 2020

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Montego Bay-based food and liquor distributor, Caribbean Producers Jamaica (CPJ) Limited, has announced operational changes to its non-core business.

The company has disclosed that it has entered into a management agreement with Taste of Life Limited in which it will assume responsibility for the day-to-day operations and management of CRU — a bar and restaurant operated by CPJ. CRU is located at leased premises at 71 Lady Musgrave Road in Kingston.

The management agreement was finalised on January 17, 2020.

CPJ is the purveyor of choice for food, non-food, beverages, wine, and spirits, as well as the leading manufacturer of meats & juices, sold both locally and throughout the Caribbean from its main hub in Montego Bay encompassing 125,000 sq. ft. of refrigerated and dry warehouse, office and manufacturing space.

In addition, there are 20,000 sq ft of satellite warehouses, including a private bonded warehouse. The management agreement will allow CPJ to concentrate on its core business while benefiting from the expertise of Taste of Life in the growth and development of the CRU brand.

Cru Bar & Kitchen is one of the island's leading food and beverage importers and distributors, opened in 2013, quickly becoming a go-to hangout for young professionals, who stop by the rooftop watering hole in droves on their way home from work. Especially popular on Friday evenings, Cru boasts a smart, modern ambiance with premium drinks, wines from the CPJ portfolio and finger food to tie you over till dinner.

The premises can be rented for birthday parties, launches and other events. The decision to outsource the management of its CRU non- core business was influenced by last year's underperformance of CPJ.

The company made annual net profit of US$2.31 million, which was less than the performance in 2018, going down by nearly 11 per cent, when profit amounted to US$2.59 million. It comes two years into a three-year programme of reorganisation.

Revenue increased nearly 11 per cent, from US$98 to just under US$109 million. But CPJ's combined cost of business and operating expenses for marketing and administration were US$10 million higher.


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