3 minute read
Our Heritage
Our business started as a joint venture partnership between two men, Messrs Cave and Shepherd back in 1906.
1906
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1911
1915
1937
1943
1944
1951
1955 The Business is launched – A joint venture between two respected Bridgetown businessmen, Mr R. G. Cave and Mr J. P. Shepherd, representing in the West Indies several large, influential firms in England and America.
Modernisation of retail premises - Enhancing the Customer Journey The various departments, comprising 5,661 sq. ft. of floor space, were carefully arranged to entice customers, with everything done to ease their journey through the store
Adjoining property at Nos. 11 and 12 Broad Street was purchased increasing the floor space by 14,815 square feet.
Mr J. P. Shepherd announces his retirement from the business and accordingly his capital interest is paid out.
A private limited liability company – Cave Shepherd & Co. Ltd. – with a share capital of $360,000 is created. All family held shares in the old firm are transferred to the new company, of which Maurice Cave is Governing Director.
The property, No. 13 Broad Street, is acquired and the company begins a second major expansion.
Cave Shepherd & Co. Limited “goes public” in a modest way, increasing Cave Shepherd’s capital base by inviting new investors in. The restructured company’s share capital consisted of 100,000 £ 1 preference shares, which were fully taken up. Maurice Cave becomes Managing Director of the newly capitalised company.
The Company remodeled its premises to accommodate 19 departments spread over 30,000 sq. ft. of floor space to serve local shoppers and visitors.
Also housed on the premises were the Ideal Agency (an affiliated trading company), and an insurance agency, managed by Cave Shepherd.
1958
1971
1980
1988
1989
1992
1996
1998
2000
2005
2006
2008
2016
2018
2019 Rapid expansion of “out shops” took place in response to the passing of the Drawback of Duty Act.
Cave Shepherd launched one of the island’s first major Initial Public Offerings (IPOs). The offering was oversubscribed, having attracted some 2,000 shareholders and raised $2 million. This sum was matched by the Cave family with $3 million investment from the old company holdings.
Cave Shepherd entered a new business venture with Colombian Emeralds International, an established luxury retailer, which later becomes a regional operator.
The company embarked on a $4 million renovation and expansion of the Department Store on Broad Street, its first major capital project since rebuilding in 1972 after the fire. The result was an ultra-modern building covering expanded square feet of floor space.
Cave Shepherd launched its own easily obtainable credit card for exclusive use at its stores.
Cave Shepherd participated in a public/private sector cooperation in establishing the Bridgetown Cruise Terminal which was now starting to bear fruit.
The launch of Fortress Fund Managers Ltd was announced. Cave Shepherd held 37.5% of the shares with partners included Barbados Shipping & Trading Ltd and the Nation Corporation.
GCS Limited was formed in partnership with printing company, Moore Paragon, to acquire Ganzee, a t-shirt and souvenir operation with 6 shops in Barbados.
Duty Free Caribbean (Holdings) Ltd was formed, a 50:50 joint venture partnership with, global travel retail operator, Dufry International AG (formerly Weitnauer Holding Ltd).
Cave Shepherd, together with United Insurance Company Limited and Grace Kennedy & Company Ltd of Jamaica, purchased General Finance Corporation, renamed Signia Financial Group Inc.
South African tourism company Tourvest, acquired a 60% interest in Ganzee; A first step in their planned international expansion of their destination retail business.
Diversification into financial services continues and Cave Shepherd acquired a stake in DGM Financial Group Inc.
The Cave Shepherd Visa Credit Card was launched providing customers with hassle free credit locally, abroad and online enabling purchases at millions of merchants wherever VISA is accepted.
G lobe Finance Inc. and Signia Financial Group Inc. were amalgamated to form SigniaGlobe Financial Group Inc.
Cave Shepherd Card Mobile App was launched to provide a viable solution for digital payments for micro and small businesses as well as person to person transfers.
