AML Foods to Purchase Solomon’s Super Center Building

NASSAU, BAHAMAS – A sales agreement has been signed for the purchase of a portion of the Solomon’s complex on the East West Highway. AML Foods Limited says it intends to convert the current location into a Solomon’s neighborhood grocery format and Cost Right Wholesale Club.

The plan aligns with AML’s strategy of remodeling and upgrading its stores, which began with the renovations to Solomon’s Lucaya in Grand Bahama and Exuma Markets in Georgetown Exuma.

The Solomon’s store will undergo a complete renovation, converting the store into a format like the Company’s Solomon’s Yamacraw, Lucaya and soon to open Downtown Freeport stores, while the new Cost Right location will mirror the Company’s Cost Right Freeport store.

Work on the project is expected to commence in May 2023 and is expected to take approximately 10 months to complete.

AML Says customers will begin to see changes at Solomon’s Super Center as the store prepares for the transition of consolidating the general merchandise and clothing departments to the Cost Right store.

For this purpose, inventory levels within these categories have been reduced at the location. Both locations will remain open during construction.

In total $17m will be invested in the purchase, remodeling of Solomon’s and relocation of Cost Right. For the remodel and other upcoming projects, AML signed a new credit facility letter with RBC Royal Bank in August 2022 for additional financing of up to $20m. The new financing attracts an interest rate of prime less 0.65 percent. Furthermore, as a result of the purchase, the Company will reallocate two rental costs into an owned asset.

Gavin Watchorn, CEO & President at AML Foods said, “Continuously investing in our stores is important to our business as our aim is to always offer the best grocery store standards and shopping experiences for Bahamians, residents and tourists alike”.