Jamaican Teas Has Entered Into An Agreement To Acquire A Property In Temple Hall, St. Andrew  

• Jamaican Teas has entered into an agreement to acquire a property in Temple Hall, St. Andrew.
• The property comprises some 60,000 square feet of factory buildings on about 3 acres of land. Completion of this agreement is expected in or before November 2023.
• This property will be used to house its manufacturing facilities now located at Bell Road and Montgomery Avenue, St. Andrew. Additionally, the company plans to start relocating to the Temple Hall facility by 2023.
• Though the new facility is relatively far, the company is optimistic about the future of the business stating that the additional travel expense will be offset by the savings gained from the consolidation of the two facilities.
• As it now stands, the company is paying double the amount for electricity, security, management and logistics for goods across locations. Though management has not run an estimate on the total expected savings, it is anticipated that the savings from just rent and maintenance costs will have a significant difference on its bottom line.

(Source: JSE)