Lumber Depot to pay $164 million for current location
Lumber Depot executives in attendance at the company's listing ceremony with the JSE in December 2019 (Photo: Karl Mclarty)
Deal arrived at with Blue Power subsidiary, Cotrade Limited

Lumber Depot, a retailer of hardware and building material, has settled on a purchase price of $164 million for its current location at 17c Gordon Town Road in Papine, St Andrew.

The property was previously occupied under a lease arrangement with Cotrade Limited, a wholly owned subsidiary of its former parent company, Blue Power Group. News of the intended purchase of the property from Cotrade Limited was announced back in September.

Having consummated the deal, Lumber Depot has communicated this information to shareholders via notice to the Jamaica Stock Exchange, where its shares are traded. Securing the location is part of Lumber Depot's expansion plans.

In the meantime, Lumber Depot has announced the appointment of two new directors.

They are PB Scott and Melanie Subratie, both directors of Musson Group with their entry onto the board of Lumber Depot coming as a result of the acquisition of a large block of shares by Musson's through Stony Hill Capital, an investment vehicle of the family dominated but publicly listed company.

Scott is the chairman, chief executive officer and principal shareholder of the Musson Group. His chairmanship extends to Musson's subsidiaries and affiliates: namely Facey Group Limited, T Geddes Grant (Distributors) Limited, General Accident Insurance Company Limited, Seprod Limited, and PBS Group Limited.

Subratie is the deputy chairman of Musson (Jamaica) Limited, and is the chairman and CEO of Stanley Motta Limited and Felton Property Management. Additionally, she is the executive chairman of the Musson Foundation and the Seprod Foundation.

BY DURRANT PATE Observer business writer

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