BIG BANANA HOLDING COMPANY LIMITED – TRADING AS ‘PIZZAS IN PARADISE’
Big Banana is a family owned business with three principal Shareholders being Jeff Hadeed, Bernadette Sherman and Eddie
Hadeed who purchased Big Banana Holding Company in December 1985.
Pizzas in Paradise became the first of the chain of restaurants and was established just around a time in the development of
Antigua that dining began to become a part of the activities in our society. Subsequently, the company was able to grow
and develop with the demands of dining out in Antigua.
Since then, “Pizzas”, as it is affectionately known by locals, has established itself as the primary local hot spot and meeting
point for friends, families and vacationers.
The principals along with their committed and dedicated team have led the Company’s development over the past 29 years
to become the most well known restaurant business in Antigua with a substantial market share.
Mission statement:
To maintain and grow our position as the market leader for premium pizzas and quality food by providing value for the
customer, recognition for the staff, and a commitment to the community
CONTENTS
Pages:
2
Market Summary
2
Redcliffe Quay
3
The Operation
4
Our Menu
5
Past Financial Performance
5
Terms of Purchase
5
Main Competitors
6
The Market
6–7
Information on Business Operations in Antigua & Barbuda
1
MARKET SUMMARY
Pizzas in Paradise, was established in 1985 and has played a major role in the dining culture of Antigua & Barbuda and the
Caribbean.
For a short period in the history of this restaurant, the business moved to an adjacent building on Redcliffe Street. By
popular demand, however, it then relocated to its original home, an 18th century rum warehouse at Redcliffe Quay.
The primary market consists of cruise tourists, downtown office/retail employees, and families.
Over 580,853 cruise tourists visited Antigua last year. It can be assumed that about 60% of these visitors immediately leave
the St. John's Harbour for adventure tours, circumnavigation cruises, or beaches, leaving 232,504 potential customers. These
tourists make up the largest segment of our target market, or about 81.5% of the total market for our products.
Of the 85,567 people that live in Antigua and Barbuda, it is estimated that about 28,347 live in St. John's city. Another 24,255
live in the immediate vicinity or rural St. John's.
Source: http://www.citypopulation.de/Antigua.html
In addition, demographics have shifted in recent years, as an increasing number of non-traditional households have entered
the market, including ex-patriates, medical students, and returning nationals who have grown accustomed to a more fastpaced, independent lifestyle. As a result, more adults are choosing to dine-out with their families or friends and/or taking
advantage of take-out services in order to free up time normally spent cooking and cleaning up after dinner.
REDCLIFFE QUAY
Overlooking the harbour of St. John’s, historic Redcliffe Quay is one of the oldest preserved zones of the town, dating back
as far as the 17th & 18th centuries. In its day Redcliffe Quay was one of the busiest waterfront port area, widely regarded as
the business and trading centre of the Caribbean. It was the main trading place for Slaves, Rum, Sugar and Coffee between
Antigua, Europe and Africa.
Today it is a peaceful and shady oasis in the city overlooking the sea and the ideal place to rest from the heat and activity of
St. John’s. You can watch the yachts and boats coming and going into
the harbour or stand in awe of the huge cruise ships that visit the
island in the comfort of Pizzas in Paradise as indicated in the yellow
circle on left hand side.
Major cruise lines visiting the island to name a few are:
-
Royal Caribbean Cruise Line
Disney Cruise Line
Carnival Cruise Line
Princess Cruise Line
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OUR MENU
The Big Banana Menu offers an extensive range of dishes designed to appeal to the clientele mix of locals and visitors.
The 30 combinations of Big Banana Pizza (which can be personalized with additional toppings) is enhanced by a further 11
Main Courses -featuring international favorites such as Local Catch of the Day, grilled Baby Back Ribs and hot Pasta dishes.
In addition, there are daily Specials influenced by Caribbean Cuisine and provisions -these are extremely popular with the
local lunchtime regulars and visitors looking for an authentic taste of Antigua.
The menu also features a wide selection of appetizers, salads, wraps, burgers and sandwiches ensuring that the philosophy
of ‘something for everyone’ is a reality. Customers with a sweet tooth have 6 classic desserts to choose from; the bar
offering is extensive with premium liquors and beers as well as an extensive cocktail list -especially appealing to vacationing
visitors who consider this a ‘holiday treat’.
Pricing is at the mid-point in the market-reflect the casual dining experience with table service on offer at Big Banana.
FINANCIAL PERFORMANCE PAST THREE (3) YEARS
The table below provides the net profit performance of Big Banana over the prior three years 2011 through 2013:
Figures presented in ‘000’s.
FY 2011
FY 2012
FY 2013
Revenue
$5,463
$5,219
$4,791
COGS
$1,858
$1,774
$1,651
34%
34%
34%
$3,606
$3,444
$3,140
66%
66%
66%
$2,609
$27,623
$2,547
Depreciation
$242
$242
$218
Operating Expenses % of Sales
52%
534%
58%
Net Profit
$755
$440
$375
Net Profit % of Sales
14%
8%
8%
Three Years
COGS % of Sales
Gross Profit
Gross Profit % of Sales
-----------Gen & Admin
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We provide the opportunity for a full review of the past financial information and discussion to the prospective purchaser.
TERMS OF PURCHASE
Asking price for Big Banana Holding Company Limited is USD 1,500,000. The Purchaser shall acquire the assets of the
company (exclusive of real property owned on Redcliffe Street) but inclusive of all operating FF&E, the lease and the rights
to use the Big Banana name/brand for a period of 10 years at an additional cost of US$1.00 (lease information provided on
interest).
3
MAIN COMPETITORS
Restaurant Name
Distance
Offering
Meal Period
Beehive
6.5 min
Fast Food, Dine in
Lunch Dinner
Burger king
12 min
Fast Food Dine in
Breakfast Lunch and Dinner
Joe Mikes
6.5 min
Fast Food, Dine in Cafateria
Breakfast, Lunch &Dinner
Roti King
8.5 min
Fast Food, Dine in
Lunch Dinner
Subway
5 min
Sandwiches, Fast Food Dine in
Lunch Dinner
INFORMATION ON BUSINESS OPERATIONS IN ANTIGUA & BARBUDA
Tax or mandatory contribution
Statutory tax rate
Corporate income tax
25%
Employer payroll taxes
9.5%
Antigua and Barbuda Sales Tax
Import Taxation
Tax on check transactions
Filing fee
Stamp duty on contracts
15%
various rates
XCD 0.2 per check
XCD 500
various rates
Source: http://www.doingbusiness.org/data/exploreeconomies/antigua-and-barbuda/paying-taxes/
For more detailed information on doing business in Antigua and Barbuda, please visit the Government’s website at:
http://www.zone.gov.ag/pdf/zone-business-guide.pdf
The above information is not to be taken as Big Banana Holding Company provision of advice to the prospective purchaser.
Research and along with obtaining the relevant legal advises on doing business in Antigua and Barbuda is the responsibility
of the purchaser.
For investors interested in purchasing under the nation’s Citizen by Investment Program C.I.P. we provide the information
below. Further information can be obtained on the website; http://www.antiguabarbuda-citizenship.com/
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Benefits
Beautiful Caribbean country for holidays.
Direct citizenship in Caribbean country.
Visa free travel to EU Schengen countries including UK, Canada and Ireland.
Lifetime citizenship.
Citizenship for family members
Easy second passport for travel.
Free movement in the Caribbean CARICOM countries.
Minimum Investment
4
Under the Citizenship program, there are following investment options:
▪ USD 250,000 donation to National Development fund (NDF) (or)
▪ USD 400,000 investment in real estate (or)
▪ USD 1.5 million business investment
Additional costs are extra.
The passport is granted for 5 year validity period after that it can be renewed. To renew after 5 years, you must have visited
Antigua for about 35 days.
Please note obtaining legal opinion on the; requirements, fees and privileges in Antigua and Barbuda are best discussed with
a local legal council.
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