Business seeks Cayman investors ahead of planned purchase
A business is attempting to solicit Caymanian investors for a project to buy and run the Chrissie Tomlinson Memorial Hospital.
The business is seeking to raise a total of around $30 million to purchase the private hospital and its associated businesses.
Investors will be required to contribute a minimum of $500,000 to be involved, according to an advertisement in the Cayman Compass filed by law firm Stuarts Walker Hersant Humphries on behalf of the unnamed business.
“Caymanians are invited to invest in an existing business venture which will purchase and operate the Chrissie Tomlinson Memorial Hospital and its associated businesses in Grand Cayman,” the advertisement states.
Applicants are also required to submit a personal biography, details of experience in previous developments and written evidence that they have the necessary capital available to be involved. Dr. Steve Tomlinson, who owns the hospital, said he was aware of the development but could not comment at this stage.
Buck Grizzel, the attorney listed as point of contact for potential investors, said his clients did not wish to comment at this point.
An advertisement for local investment is required for any business wishing to apply for a Local Companies Control Law License to operate in the Cayman Islands.
The advertisement indicates that if Caymanian investors cannot be found to cover 60 percent of the proposed expenditure, an application will be made to the Trade and Business Licensing Board for an LCCL license.
The advertisement suggests the company is seeking to raise $30 million to “purchase the real estate upon which the hospital is located, purchase shares in the operating companies, including equipment and supplies, employ the requisite expertise and provide additional capital for upgrades during the first year of operation of the business.”
Chrissie Tomlinson is an 18-bed hospital specializing in surgical care, with 26 doctors on a 120-person staff.
It handles about 120 major cases a month, Dr. Tomlinson told the Cayman Compass in an interview in October. The hospital opened in 2000 and is named after Dr. Tomlinson’s mother, who died just after the groundbreaking.