AML Foods targets $100M in sales
While Solomon’s Fresh Market represents a “very large investment” for AML Foods, more than half of the $5.3 million outlay has been paid off with existing cash flow.
Gavin Watchorn, the CEO of AML Foods, told Guardian Business that $3.5 million is being paid in cash for the new food store at the Old Fort Bay Town Centre, as gradual, targeted growth continues to be an objective of the company.
He revealed that AML Foods is targeting $94 million in sales for 2011 – with $100 million in their sights.
“We are targeting $94 million this year, excluding Solomon’s,” he added.
“We want to break the $100 million mark and we have always felt there are opportunities for growth. We just haven’t wanted to jump into anything. We want to grow gradually and take on projects with a high level of confidence. Here we have produced a product we’re proud of.”
As the centerpiece of the $30 million Old Fort Bay Town Centre, spearheaded by the New Providence Development Company, AML Foods seeks to tap a variety of communities in the western part of the island.
Lyford Cay, Lyford Hills, Old Fort Bay, Serenity, Albany and a number of established or emerging communities in the area now have the option of not only purchasing more organic and unusual products, but also avoiding the commute into the center or eastern parts of New Providence.
Offices, restaurants and a number of retial outlets will be springing up in the Old Fort Bay Town Centre in 2012. A “Main Street” will run down the center of the development, flanked by four large retial buildings with offices on top. The light-industrial area, including hardware stores and the project’s second anchor, is being planned later down the road.
In keeping with the development’s community theme, up to 100 acres to the south and west of the town cerer is being earmarked for residential development, containing a mix of high-end and middle-of the-road dwellings.
But first, Solomon’s, the first “anchor” of the project, hopes to set the pace for a very successful development.
“We wanted to provide something different and something we believe there will be a demand for,” Watchorn added.
Adding that AML Foods has been approached with many large opportunities “that just weren’t right for us”, Watchorn felt the Old Bay Town Centre represents a sound investment on the part of the company.
In fact, an additional 10,000-square-feet of space is currently being leased by AML Foods for future growth, should that be seen as appropriate.
Watchorn hinted that late 2010 and 2011 holds more projects for AML Foods as they zero in on the $100 million sales barrier.
Although he couldn’t provide further detail, he indicated that more changes are on the horizon.
“We’re very close to signing on with a new franchise and we’ve been working on for six months now,” he said.
“We are very close to signing that.”