THE WAY WE LIVE IS CHANGING. THE WORLD IS CHANGING. CAVE SHEPHERD IS CHANGING.
With the effects of an unprecedented financial year behind us, Cave Shepherd & Co. Limited is moving to reposition the Group through the uncharted waters triggered by the COVID-19 global pandemic.
During July 2020, we announced to our shareholders, business partners and the wider public, the tough, but necessary, decision to exit our partnership with Duty Free Caribbean (Holdings) (“DFCH”), which operates retail stores in Barbados and across the region. We can now confirm the completion of all legal requirements to divest of our shares in this company.
Effective January 30, 2021, DFCH will start the rebranding process of those stores currently trading as Cave Shepherd, including the main department store on Broad Street and the Airport Arrivals store, as well as the stores located at Sunset Mall, Vista Worthing, Sheraton Mall and The Crane Resort.
Since Cave Shepherd retail was our legacy business, serving customers for over a century, we can appreciate that the rebranding of the department store in particular, may trigger an emotional response. However, the transition signals the commitment of DFCH’s Shareholder, Dufry, to reinvest and take the business forward following the catastrophic impact of the pandemic. In a world where many businesses have not recovered, this is indeed very good news and we would like to congratulate Dufry for stepping up in this way.
A NEW ERA FOR CAVE SHEPHERD & CO. LIMITED
Cave Shepherd has evolved from our founding dry goods store back in 1906 to operating a number of well-established and trusted financial services businesses today. Our divestment from retail turns the page to a new chapter and will allow management to focus its attention on growing our other businesses, which continue to perform well.
Group CEO, John Williams highlights, “Despite the impact of the global pandemic, which continues to dampen our economy as well as those around the world, our financial services businesses have been performing creditably.
“Things are looking bright for Fortress Fund Managers with a rebound from the stock market declines seen in early 2020. The team has delivered an exceptional performance for investors in the last quarter of 2020. Indeed, several of Fortress’ regional and global equity funds produced double digit returns with some funds reaching record highs. We are also excited that Fortress will be introducing two new funds to the market during the first quarter of 2021 as we anticipate global value investment portfolios to steadily recover.
“SigniaGlobe Financial continues to attract new clients and remains agile in responding to customer needs through enhanced digital service platforms.
“The Cave Shepherd Card team members also have exciting developments in progress within their business which continues to be a leading player in the payments industry through innovation and value-added services.”
Williams further added, “We will continue to act in the best interest of the people of Barbados in keeping with our legacy of trust, respect and innovation acquired over the last 114 years. We pledge our commitment to continue supporting our youth and identifying other areas where we can continue to support our country’s future development.”
As we embark on this new era, Cave Shepherd & Co. Limited remains committed to changing and growing to the benefit of our Shareholders, our employees and the communities we serve. We therefore look forward with anticipation to opening the doors of our new Corporate Office at Haggatt Hall by the middle of the year. Our Cave Shepherd Card and SigniaGlobe Financial teams are also very excited about the move and we all look forward to welcoming you to our new location.
Building strong partnerships remains our core value.
The essence of Cave Shepherd & Co. Limited is undoubtedly the strong partnerships the company has formed over the years. We look forward with anticipation to the exciting product and service innovations being led by our Subsidiary and Associate companies, while exploring new investment opportunities that can help to diversify and expand our portfolio of investments.
In the words of our Chairman, Sir Geoffrey Cave, “The only constant in business is change and embracing change is the only way to ensure success. It is important to know and understand our economic environment and be ready for new opportunities that may arise.”
The Board of Directors of Cave Shepherd & Co. Limited, take this opportunity to thank you, the people of Barbados, for the confidence and trust placed in our Group of companies over the years and look forward to continuing to partner with you in the years ahead.