THE Jamaica Blue coffee shop which opened in September 1999 in London's Mayfair district could close soon because the joint venture partners behind the project have failed to agree to terms to inject more cash into the business.
The Agricultural Credit Bank (ACB) has refused to put up fresh cash for the venture, which saw Gable supply coffee through its main factory at Mavis Bank, St. Andrew. Oliver Foot's Blue Mountain Enterprises has run the shop under a management contract.
In February, the Financial Gleaner obtained investment documents which showed the Jamaica Blue operation was trying to raise £1 million from new investors in order to expand the venture.
ACB managing director Kingsley Thomas confirmed discussions had been on going but declined to comment yesterday. Mr. Foot was also unavailable.
One senior coffee industry source said yesterday: "The ACB has made it very clear. They are not happy with the management and they will not put up any more money."
When asked about funding for the project earlier this year, a spokeswoman said the venture was "now at the point where we are ready to expand".
She could not say, however, whether the ACB and other partners would put up additional capital to fund the expansion.
Just before the flagship coffee shop was launched in January 1999, Mr. Thomas said the industry had been encountering a number of problems and extensive market research undertaken by Blue Mountain Enterprises showed if it was to survive, the market would have to be diversified.
The coffee shop in London, which employed £200,000 in start-up capital sells only Jamaican Blue Mountain coffee, widely regarded as the finest in the world.
The coffee is sold by the cup and in roasted form by the bag, together with teas, juices, bottled water, a range of cakes and savoury food.
