Abattoir in Sweet River auctioned

LAND AND slaughterhouse assets in Sweet River, Westmoreland, went for auction on Tuesday, but Sweet River Abattoir & Supplies is refusing to say whether those holdings belonged to them.

Henry Graham responded “no comment” when asked on Tuesday, declining to discuss the auction both in the context of him being chairman of Sweet River, which trades on the Jamaica Stock Exchange under the symbol SRA, and as a former president of the pig farmers’ association.

The auction was conducted by CD Alexander Company Reality Limited in Kingston, but the

Financial Gleaner did not reach the sales agent.

The auctioned land area spans five acres and the two-storey building on it measures 16,800 square feet. The ground floor holds a modern slaughterhouse, two offices and a welfare section, while the second floor contains a number of rooms and storage. The auction also involved specialised equipment for slaughtering.

Sweet River is an area in

Westmoreland made famous for its river.

A financial stakeholder familiar with the company, who went to the auction, said the assets were acquired for $1 million above the reserve price of $159 million by businessman Richard Lake. Lake controls the local franchise of Burger King, Popeyes and Little Caesars through Restaurants Associates Limited. Calls to Lake’s office and mobile phone rang without answer.

Sweet River Abattoir has faced challenges since its listing on the junior stock market in 2014. It’s also in debt to its bank for a loan to build a modern abattoir, a project it tackled after going public. First Global called the loan earlier this year.

Losses at the company have accumulated to $124 million at its last report for the June quarter. Sweet River Abattoir’s assets were estimated then at $389 million, but its equity stood at $19.6 million after factoring in liabilities.