The Hampden Great House. TROUBLED Trelawny-based sugar and rum maker Hampden Estates has returned to the market in the hope of finding a fresh buyer after failing to entice local giant Wray & Nephew's Appleton's rum to take over the property.
The beleaguered sugar maker remains in receivership and was this week re-advertised in the hope of catching the eye of fresh potential bidders.
Back in the mid 90s, Hampden Estates which employs almost 650 people, found itself in hock to NCB Group for approximately $550 million.
The Financial Sector Adjustment Company (FINSAC) assumed this debt as part of the Government's bail out and earlier this year placed it in receivership appointing John Lee of PricewaterhouseCoopers as receiver manager, with Wilfred Baghaloo acting on his behalf as agent.
The estate was founded during the 1760s by Archibald Stirling, who built the existing great house in 1779. After acquiring other sugar operations Hampden Estates was consolidated in 1885 with the Kelly-Lawsons, a prominent sugar estate family on the island, handing it over to the Farquharsons who still hold rights to the estate today.
Both cane juice and molasses continue to be produced on the estate and the distillery serves both the sugar and rum industry.
Distillery
Hampden Estates acting general manager Maurice Jackson said on Wednesday: "The estate's distillery operates both rum and sugar production in tandem. We have had to lay off most of our workers for the rest of the out of crop season as the sugar industry is in a slump at this point in time. Usually we lay off workers during crop over for a month or so as we prepare for the new crop but at the moment we have had to extend that for another two months and we still haven't brought them back yet.
"We will stop producing rum at the end of this week and it will prove more viable to bring back the workers when we begin producing both rum and sugar at the same time."
Mr. Baghaloo said he thought the main problem was with the rum producing arm of Hampden Sugar Estates. "The estate produces marks which are used by rum blenders and does not have its own brand although interested parties have indicated that they would like to attempt forming a Hampden brand.
"It has a distillery that cannot meet the international demand for Hampden rum largely because it was built many years ago and cannot cope with mass production. Also antiquated methodology places limitations on just how much rum the estate can produce."
So just what will a buyer be acquiring?
Under powers of sale contained in a debenture, the operations and assets, en-bloc of Hampden Estates Limited which includes:
A sugar factory with the capacity to grind 1200 tonnes of cane per day.
Agricultural lands located in the parish of Trelawny of approximately 7,500 acres of which approximately 2,000 acres are under cane.
Rolling stock including cars, pick-ups, tractors and cane loaders and other equipment.
Houses including two great houses with accompanying staff houses.
A distillery which caters for local and export markets with potential for expansion.
A marl pit consisting of significant reserves.
Interested parties must submit a business plan by October 25 and can pick up information documents from the receiver and manager, Mr. John Lee after October 25.
