In the last article about Freeport it was reported that one of its directors, Robert Hodges, had resigned his position as head of CEREP (Carlyle European Real Estate Partners), which is the European company owned by Washington-based private equity firm Carlyle.
Freeport's only shareholder (according to the last return) is CEREP UK Investment D GP Ltd and this company is owned by Carlyle (through another European-based company registered in Luxembourg, CEREP Sarl).
“Portugal Capital Ventures has the green light to manage the Algarve Autodrome” so read the most recent statement from the competition commission.
News of the takeover and ownership of the Autodrome by a venture capital company responsible to the taxpayer was nothing of the sort.
Portugal Capital Ventures has been authorised to own part of a new company, Parkalgar Services, for an undisclosed investment, which is to lease the Portimao race track and karting track from the existing company Parkalgar for an undisclosed sum.
In its latest international poll, Gallup has ranked the Portuguese government as one of the most corrupt in the world based on the perceptions of the Portuguese people.
Of the 129 countries surveyed, Portugal is up there with the worst - though not quite as bad as the Czech Republic where 94% of respondents think corruption is widespread in their government, followed by Lithuania with 90%.
The 'Portuguese Chamber of Commerce in the UK' networking lunch in Albufeira last week shows that networking is not dead, in fact it is more important than ever.
This was a true networking event at the Varanda restaurant at Balaia Golf village with members and guests keen to meet new faces and chat before sitting down to lunch.
In March this year it was reported in the Financial Times that two of the Carlyle Group’s directors of its European operations had resigned: Robert Hodges and Frenchman Eric Sassons. These two individuals are also two of Freeport’s four (according to the 2012 annual return) directors, though neither is a shareholder. Freeport's only shareholder is CEREP UK Investment D GP Ltd.
As revealed in a previous article, Freeport has been owned by American private equity company the Carlyle Group since 2007.
It is said we all have a book in us. That's great but is your book going to be a best seller .. and will you ever write it? A few weeks ago I completed my latest book. In the past I've written, or contributed, to some fairly heavy titles and they have done fairly well within their restricted specialist field. But this time I'd written a book that had wider appeal ... or so I hoped.
My latest book is called "Advertising Secrets: Essential Advertising Tips That Advertising Sales Reps Prefer You NOT To Know". It is a composite of my 30+ years of experience buying advertising space; I've had responsibility for a £5.5million annual spend in a previous life and I still write and place a lot of ads even now.
Freeport's 2012 accounts were recently published showing a £68,671 loss in the profit and loss account, the first loss in three years. The previous two years showed a profits of approximately £1.37 million (2011) and £158,527 (2010).
Should anyone be worried, especially people who work for Freeport and those that are owed money by the company? It's hard to tell, as the accounts (being abbreviated) are still largely opaque.
What hasn't changed is that Freeport's balance sheet is still showing an overdraft of £3.6million; essentially the company is almost worthless.
A decision by the Algarve Tourism Board to participate, for the first time, in the 13th Better Living in Portugal exhibition at the Portimão Arena on October 5 and 6 has been applauded by the organisers afpop.
Michael Reeve, the CEO at afpop, said: “I think it’s fantastic because it is something we wanted about four years ago, so I am very excited.”