Thompson to retain staff in acquisition of Cox
(CNS): A.L. Thompson Building Supplies Ltd, the largest hardware merchant in the Cayman Islands, got even bigger last week with the purchase of Cox Lumber Ltd. The new owners have said that all staff at the Cox store in Bodden Town and the merchant yard in George Town will be retained in the merger of the two local family-run companies. The Tibbetts family, the former owners of Cox Lumber, will retain Tibbetts Lumber and Tibbetts International operating in the United States.
Al Thompson, the president of the business that bears his name, said the purchase will facilitate an increase in the range of products available at the best price points because of increased purchasing power.
“Bringing A. L. Thompson’s and Cox Lumber together allows us to evolve to meet the demands of the people of the Cayman Islands by combining our Caymanian values and commitment to our customers to create an even better offering,” Thompson said. “I would like to sincerely thank all staff at both businesses for their ongoing efforts to serve our customers over the last 75 years, and I look forward to welcoming our new colleagues from Cox Lumber and expanding the A.L.Thompson’s family further.”
Thompson and Berna Cummins, the director of the business, will continue to lead it through this ongoing transformation and integration and will be supported by the leadership teams at A.L.Thompson’s and Cox Lumber.
“The two businesses are highly complementary, bringing together Cox Lumber’s traditional focus on building materials and supplying contractors and A.L.Thompson’s on home improvements and a wider retail selection,” said Kyle Hooker, the executive chairman of Cox Lumber Ltd.
“We are confident the business built by my grandfather, the late Mr Linton N. Tibbetts, OBE, will continue to grow and prosper under the Thompson family’s leadership. We are excited that the legacy will continue as a wholly owned Caymanian company, a factor that was incredibly important to me in this decision,” he said and thanked the team and customers for their support over the past three decades.
There are no immediate plans to bring the two Cox Lumber locations under the A. L. Thompson’s brand and Thompson said that there would be no changes to the day-to-day operations, staffing and customer accounts.
- Fascinated
- Happy
- Sad
- Angry
- Bored
- Afraid
not a single positive comment
its clear what the people think.
This is exactly why Cayman needs competition legislation. The raw materials needed to build a house now have no upper price limit as the timber market is now pure monopoly.
This deal would be blocked in any other jurisdiction with competition law like the UK.
Meanwhile parliament can apparently only see it fit to meet 3 times in nine months.
List of other unresolved issues:
-Mount trashmore deal still not done;
-no proper public transport system like in Jersey or Bermuda;
– CIREBA is a price fixing cartel, all realtors should have access to the MLS system including non-CIREBA realtors; and
-SMB erosion.
We urgently need Andre Ebanks as next premier to address the above matters. No one works harder than him. PACT is not fit for purpose.
Please never change the name.
We cannot allow places like Cox, or Harry Bush Trucking Services to close, if only for the lolz.
@10:33a. Agreed, this is just about building materials sales. Cox offered a small selection of products at the store in BT but it did not work because customers wanted choice. Purchasing this location is not a game changer for the market which is why Cox sold. All building materials suppliers deliver so the physical location of the store is not as important. Cox was lucky to offload both locations.
Antitrust?
anti-wha?
See the bigger picture folks. This is just about contractor sales and the truss plant. Some extra Frigidaire sales is just a bonus.
this take-over would not be allowed in any proper first world country…..
but here…just another day in wonderland
Jet Blue is taking over/have taken over Spirit Airlines in USA
If it had been two companies where neither was owned by a native Caymanian family nothing would have been said that such could not take place in a first world country
American Airlines and United merged within the last 10 years. This happens everywhere. Who knows, maybe 8:42 never had the internet or international news available to them before they were blessed by Cayman.
it was American and US Air which merged. United merged with Continental
19 @ 8:42 am – Facts help to form opinions. Fact: for decades before Cox Lumber (Caymanian owned/US based) arrived on these shores to serve the Caymanian economy and offer an alternative, AL Thompsons (Caymanian owned/Cayman based) was here providing materials, jobs and infusions into our economy. Kirks and Uncle Bills (Cayman owned & based were (and remain) viable alternatives.
Business is business. If Cox, being the older and originally larger company, had chosen to have a presence here as long as ALT, maybe they would have survived.
In this particular matter, the suggestion of ALT having the monopoly is moot. Survival of the fittest, simple!
Accept it!!
The Tibbetts have been exiting the market for years. Once they sold their main store on Eastern Avenue to Dart, there was little point for them to remain in the market. Their best staff set up their own shop and became their competitors.
That store was closed for years before they sold it.
Mr. T must be rolling in his grave.
oh hey, another monopoly is forming. But hey, its ok there is totally competition…
Buy from Builders Wholesale Supply. I always do.
Might as well close up the BT store. Place been dead ever since it opened. The only one there who knows anything is the security guard, so keep him.
So true. At least with A.L. Thompson their staff were always knowledgeable when asking something. Cox BT, especially the appliance area upstairs, they don’t know anything, and don’t care. Security was always doing way beyond his job however.
The one thing with Cox though, is they were way more reasonable with their prices than ALT ever is. And now like Dart, ALT be bossing everything now they have a monopoly.
The one thing with Cox though, is they were way more reasonable with their prices than ALT ever is.
I must have gone to a different store.
I’ve always found ALT to be comparatively reasonably priced. The staff in their appliance department are very helpful. Having said that, without competiton, expect price hikes.
Reasonably priced compared to losing a kidney? compared to having a gun held to your head and your bank account emptied? or reasonably priced because of the tired excuse called Inflation? where only in Cayman it’s running at 100% depending on which day of the week and which store you’re in?
Just asking.
Whether it was reasonably priced or not, people would not say it was as it is locally owned. If a foreign owned entity charged an exorbitant price, nothing would be said
Not in BT.
I do live in BT almost next door. Toilet seat, faucets, paint, all much cheaper than ALT.
A $700.00 cordless drill sound reasonable? Wish I was working on your house.
Say goodbye to reasonably priced appliances. Time to go back to ordering them in from the US ourselves.
sad, but probably true.
Anyone who’s checked knows that it’s almost impossible to get better appliance prices by bringing them in yourself. That is unless you’re bringing in a dedicated shipping container filled with a lot of other stuff. I looked into that years ago and would have ended up paying a lot more for the appliances I was looking to buy. With appliances being so bulky, and us having to pay per cubic foot on less-than-container loads, it just doesn’t make sense. Your experience may be different.
Fridge at ALT was priced at CI$6325.00, a KitchenAid.
Price for same fridge at Best Buy was US$3500.00.
Not sure who’s doing your shipping, but it may be worth getting a 2nd quote.
But is the warranty good in Cayman. Best to check.
3 month warranty, absolute joke.
The ALT appliance salesperson has entered the chat.
Brand Source. Fair prices, excellent delivery, but best of all, they stock the repair parts for all (or at least most) of their products.
I broke a latch on my washer, and they had it, along with all the other parts. That commands loyalty for me. That’s something I can’t buy from the U.S.
Their parts department is a sham. Placed an order for a part that they did not have in stock for a product I purchased from them initially. Placed a 50% deposit for them to order it. After months they still could not get the part and when I requested return of deposit and I would source it myself, they said they would not refund my deposit. Luckily I used a credit card and filed a claim with the card issuer. They offered up to return the deposit only after being contacted by the bank. It’s been over 10 years, never shopped there since and could never recommend that place to anyone.
I buy my parts on Amazon. Saves me having to eat their ridiculous diagnostic fee and 150% markup on parts.
Dude they sell appliances that the brands themselves have discontinued. At full price!!
Like everyone went to Cox for their appliances.
Everyone in the know did
For all of 5 minutes.
So we go from an oligopoly to a monopoly.
Prices going up up up.
This isn’t good for the Cayman Islands.
That’s Cayman!
Kirk Home Centre? Uncle Bill’s? Home and Office City? Parsons Appliances? Mandy’s? And many others.
And there are other new suppliers of building materials which are probably not Caymanian owned or owned by paper Caymanians
It is good to know that if Cox wanted to sell its hardware/ building supplies business that it was bought by a local Caymanian family and I trust they do not have any outside interests helping in the purchase of Cox
The Tibbetts running Cox nowadays have maybe set foot in Cayman two or three times in their lives. They are Americans.
You do not know what you are saying. Linton Tibbetts, who founded Cox Lumbe rCo, along with a Mr Cox whom he later bought out, was a born and bred Bracker of deep root heritage
Local Caymanian Family…. hmmmmmm. Maybe at one time.
Well stated! We have choices