Growth and Expansion: AML Foods' Acquisition Sets Stage for The New Cost Right Store

AML Foods Limited has recently acquired the building previously occupied by Solomon’s Super Center on the East West Highway and Old Trail Road. The $10.5 million purchase, which includes closing costs, was funded through RBC Royal Bank (Bahamas) Limited. The company intends to revamp the space, splitting it into a 25,000 sq. ft. Solomon’s neighborhood grocery store and an adjoining 55,000 sq. ft. new Cost Right Nassau location.

AML’s CEO and President, Gavin Watchorn, stated that the acquisition of the Solomon’s Super Center building represents the company’s most considerable and strategic investment in recent years. This move allows the firm to remodel the entire building and downsize the store to a neighborhood grocery format in line with their strategic plan. Moreover, it enables the relocation of Cost Right Nassau to a larger, more efficient, and accessible location.

RBC’s Vice President – Corporate Banking, Brian Knowles, expressed delight at continuing their long-standing relationship with AML through this significant investment. He reiterated RBC’s dedication to offering innovative, custom financing solutions to aid their clients’ growth.

AML’s CFO, Davette Lightbourne, commended RBC for being a reliable financial ally, lauding their expertise that ensured a smooth and efficient funding process.

AML plans to embark on converting the building into a neighborhood grocery store and a new Cost Right Nassau location. This format will be akin to the company’s Yamacraw and the newly inaugurated Downtown Freeport store. The project planning was concurrently undertaken with the building acquisition process, and the tender process for construction is expected to commence shortly. AML aims to create two state-of-the-art stores, replacing the current equipment, lighting, fixtures, and refrigeration systems. The locations will run on solar power, aligning with the company’s $1.7m solar power investment, which will be initiated in several AML stores soon.

Watchorn further explained that the completion timeline for this project will be finalized once the design and equipment sourcing are complete. He emphasized the company’s commitment to providing the best grocery store standards and shopping experiences. During the renovation, measures will be taken to minimize disruptions for their customers.

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