Selling out

Well-known businesswoman Asha Ms Ram Mirchandani appears to be liquidating a number of sizeable assets including a major piece of real estate in St Phillip, which has been placed on the market amid an ongoing saga between the Barbados Water Authority (BWA) and its owners over an unpaid bill worth quarter million dollars.

Recent newspaper advertisements suggest that the Casa Grande Hotel and at least two other buildings owned by Ms Ram are up for sale as Government moves to compulsorily acquire another piece of real estate on Bay Street.

One advertisement identified a 100-room hotel equipped with four large halls, swimming pool, restaurants and a kitchen at Oldbury, St Phillip, matching the description of Casa Grande.

Though the ad did not name the property, it pictured an expansive structure closely resembling the hotel.

When contacted, Ravi Mirchandani, the son of Ms Ram who is accepting inquiries on the properties confirmed they were up for sale but was unwilling to provide more details on the sale.

The development comes one month after Ms Ram withdrew her challenge to a court order demanding the hotel pay thousands in arrears owed to the BWA. Since last November, the company, which trades as Knitwear Ltd had its water supply turned off.

In March, a court injunction was filed to have the water supply restored and it was granted on a number of conditions, including payment of half the total arrears, inspection by the BWA and full payment of the monthly water bill going forward.

Chief Justice Sir Marston Gibson denied an application by Mirchandani’s lawyer for leave to appeal the court’s decision, resulting in a withdrawal of the application.

Government has advanced steps for the compulsory acquisition of the Mirchandanis’, Bay Street St Michael property, including the Liquidation Centre, to facilitate construction of a reconfigured Hyatt Centric Hotel on the beachfront stretch.

Barbados TODAY understands the Michandanis are still in discussions with Government to determine how the business can best be compensated for their losses. However, in light of notice served by the Chief Town Planner informing management of Government’s intentions, the Liquidation Centre has also announced a “forced” stock sale.

“The Government of Barbados has acquired the premises. We herein offer for sale the following,” read a recent advertisement.

The notice invited persons interested in purchasing products in large volume including doors, windows, paint and bathroom fixtures, to come forward first, after which sales would be open to the general public.

Along with the Liquidation Centre and the Casa Grande the Mirchandanis are hoping to relieve themselves of at least two other properties at Cumberland Street Bridgetown which house Sam’s and Handyman’s Hardware. kareemsmith@barbadostoday.bb