Tuesday, 22 May 2012

New Partner, New Plans, New Company

I told RBH about Rashid bin Khalifa suggesting he get formerly involved with us at PCB and he said he agreed to become a partner. RBH said he had plenty of land that he could put up to the Banks as security, so this would allow us to get suitable secured facilities from them. However he told us he needed at least 50% of the company shares if he was taking the majority of the risk. I suggested this may be possible and we talked about funding and security for the Banks.
We had Board meeting between Bob, Rob and I and we agreed to invite RBH into the business and to take a 50% shareholding. We were still under pressure to get the long term funding of our business secured so time was of the essence.
It is funny how life works, but having had Porsche AG tell us, “There was no market in Bahrain for their cars”, and then telling us, “We would be doing well to sell five cars per annum,” we had just completed selling thirty-two cars and we were planning sixty-four for the following next year.
I took responsibility for dealing with RBH and we had to get a number of personal matters sorted out to allow him to pledge his family lands to the Bank.
We then formed a new company called Bahrain Cars Centre WLL (With Limited Liability) and RBH took 50% with Bob, Rob and I sharing the balance 50%. RAK was happy to withdraw entirely from the business if that suited us and he left it in our hands, whilst remaining good friends.
Porsche AG sent us a new Agreement in Bahrain Cars Centre WLL name and we set about securing the banking facilities and a showroom.

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