THIS year marks the 45th year of unbroken profitability for the Williams Group of Companies. This enviable feat was revealed by Chairman and founder of Williams Industries Inc. (WII), Ralph ‘Bizzy’ Williams, who was speaking at an awards ceremony for long service staff at Almond Bay, Hastings on Wednesday night where he outlined the areas of development in the grouping, which among other benefits, will improve foreign exchange earnings on the island. “To boost our foreign exchange earnings we have also invested in the Cockspur rum brand in partnership with very competent and experienced people in this type of business and the largest spirits distributor in the world. We see this as an investment aimed at exporting a great Barbados brand worldwide. We have also agreed the terms of an acquisition of 50 per cent of a very successful company in Jamaica that, in our view, has potential for expansion through the region, Central and South America. We expect to close the purchase early in January 2018.” The business magnate, while expressing his belief that Barbados should have the capacity to power itself by using renewable energy, saving foreign exchange in the process, said: “I have asked our Williams Caribbean Capital team to develop a Green Bond that will enable Barbadians from all walks of life to invest in the alternative energy industry and receive a steady, secure interest on their savings that far exceeds what the banks are paying now. While the details of this bond are being worked out we anxiously await the new rules that will regulate the Alternative Energy Industry going forward. Additionally, it was revealed that over the last three years, WII saw the expansion of the office rental business through Regus and by upgrading its buildings at Warrens. “The Regus business is showing good promise and expansion across the region to earn foreign exchange long term, is underway. Regus in Trinidad is filling up and we should soon be building out in Jamaica followed by others.” At home, he revealed that an agreement to expand our desalination plant at Spring Garden and work with the Barbados Water Authority (BWA) to complete the Northern pipeline upgrade has been signed. He said this will enable water to be delivered as far as the high level Rock Hall reservoir. “We expect this will eliminate the sort of water shortages that occurred this year. All that we are waiting for now, is Town Planning approval so we can complete this project. “In order to reduce the cost and raise finance for these projects, we successfully launched a Williams Industries Bond that raised $25,096,216.” With the financial backing of Williams Industries Inc, the management team at NSR Limited that owns the SKY and Bridge Street Malls has taken this company out of bankruptcy and converted it into a profitable and successful business. “As a result of this success we were able to launch an NSR 12 year Bond that will ensure stability of the company’s finances for 12 years and save approximately half a million dollars annually. This also enabled NSR to repay some of the WII finance for use to develop new projects.” Williams also used the opportunity to highlight the need for the “excessive duty” of 102 per cent on the products needed to be imported for Burger Kings restaurants to be reduced back to 20 percent and called for the restoration of the bound rate of duty reinstated on steel imported from extra regional sources. (JH)
The office-sharing company Regus is expanding its presence in the Caribbean, under its franchise agreement with Barbados-based Williams Industries. Ralph Williams, the company's founder, told an audience at a company event that the Regus business was showing good promise and that expansion across the region was underway. "We are very excited about our Caribbean business," he said.