Lumber Depot Limited is on the hunt for a second location, even as it finalises purchase of the property at its Papine, St Andrew, location from parent Blue Power Limited.
“We continue to look at and maintain all options open as we navigate the challenges brought on by the [novel coronavirus] pandemic. The company is presently in the final phase of the purchase agreement for the current premises from which we operate from Blue Power Group Limited for $164 million,” CEO Major Noel Dawes told Jamaica Observer in an emailed response.
“Any further developments will be shared subject to board approvals,” he added.
Dawes further explained that the company is finalising the purchase of its current location from cash resources.
Back in December last year, Lumber Depot announced through the Jamaica Stock Exchange that it would purchase its current location, which it had previously occupied under a lease agreement from Cotrade Limited.
Cash flow for the nine months ending January 31, 2021 reflected a purchase price of $165,767,072. On the balance sheet, however, the purchase was broken down into land valued at $50,000,000 and property, plant, and equipment valued at $131,795,911, adjusted due to depreciation.
— Josimar Scott & David Rose