Margaritaville TCI gets boost from slide in beach vending
MARGARITAVILLE Turks & Caicos (TCI) led by Jamaican Ian Dear benefited from reduced illegal beach vending which increased earnings during its August first-quarter 2015.
“The reduction in illegal beach vending was the main factor behind this improvement,” stated the company which recorded flat revenues at US$1.7 million but 10.6 per cent higher net profit at some US$270,880.
The company earns the bulk of its revenues from cruise passengers who disembark and enjoy the Caribbean island and the prominent bar and restaurant set alongside the pier.
Total passenger count for the period was 228,000 compared to 258,000 in the prior period. This resulted in a yield per passenger of US$7.55 versus US$6.65 for the prior period.
Annual sales hit US$6.1 million for its 2015 financial year or flat when compared with year-earlier levels. This is due in part to ongoing bar and grill construction set to grow per passenger spend when opened next year.
“It is anticipated that the ‘Beached Whale Bar and Grill’ will be completed by the end of the calendar year with operations commencing in January 2016. We continue to work closely with our landlords, Carnival Corporation, to increase the ship calls to the Grand Turk Cruise Centre, along with the time spent in port,” according to the statement signed by chairman Herrick Dear and chief executive officer Ian Dear who controls the Caribbean franchise for Margaritaville.
Its TCI operations raised US$2 million ($216 million) from its initial public offering (IPO) in Jamaica in April 2014. It became the second US-dollar equity listing on the Jamaica Stock Exchange following Proven Investments. Part-proceeds of the IPO are supposed to finance construction of a new bar and grill at the existing location. The premises comprise approximately 16,000 square feet, including a thatched-roof restaurant that can seat 500 customers. The TCI location employs a mix of local and Jamaican staff since it began operations in 2006. It joins a chain of regional restaurants within the Margaritaville Caribbean Group of companies.
In 2001, the group joined forces with US entertainer Jimmy Buffett and became the Caribbean franchise holder for the Jimmy Buffett’s Margaritaville restaurant concept.
The Caribbean franchise has eight operations spread across Jamaica, Turks and Cayman. The company is eyeing four more territories in the Caribbean, starting with the island of St Thomas.
