(Barbados Nation) The Trinidadian-based regional conglomerate Neal & Massy is on the hunt for a buyer for its Almond Resorts properties in Barbados and St Lucia.
However, that effort has been unsuccessful so far with officials of the Barbados National Insurance Scheme (NIS) confirming that an approach had been made for the Government department to provide up to Bds$50 million in financing for the purchase of the Neal & Massy stake.
On Saturday, one high-level source was adamant that “the property should remain in private hands and that the NIS should not participate” in the loss-making hotel enterprise.
Another internal source said given the extent of the money troubles facing Almond, any formal proposal was unlikely to find favour with the NIS board.
