Friday 2 June 2023

Britt To Invest US$4M in New Building For Its Morpho Travel Retail

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Grupo Britt has announced it will invest US$4 million dollars for the construction of an office building for one of its new companies Morpho Travel Retail.

Pablo Vargas (left) executive president of Grupo Britt and Adriana Echand, the new CEO of Morpho Travel Retail. Photo El Financierocr

The new building will be in Mercedes Norte de Heredia, where the company currently headquarters the Café & Chocolates Britt division.

Elfinancierocr.com reports that the “… the structure already has construction permits and will be operating in about a year, for the initial relocation of 100 people, and after 200 more than currently work for the firm but are in separate sites and which are for rent. ”

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The news of this construction project comes days after Grupo Britt announced the division of its operation into two new companies, which will maintain its corporate structure united through a common board of directors.

“… Britt has identified priority areas for its expansion over the next five years and aims to conquer new markets in both the Americas and regions of Southeast Asia and other latitudes. It expects to reach annual gross sales of approximately $300 million within five years.”

In the restructuring, Café & Chocolates Britt, will continue to develop, manufacture and market products related to coffee, chocolates, biscuits, candies and nuts, taking advantage of the various commercial platforms and promoting the concepts such as Britt Espresso, Britt Café & Bakery, CoffeeTour and others.

And, Morpho Travel Retail, which groups travel sales or travel retail, with brands such as BrittShop, Morpho, Travel Zone, Travel Market, X-Plora Books, EmeraldMe, Mercadito Gourmet, Rumbo Sur and others.

“This restructuring entailed a two-year process for the company. It did not require layoffs, but some relocations, and cost approximately US$1 million for the company,” explained Pablo Vargas, executive president of Grupo Britt.

“The objective of the changes is that each business has greater possibility of independent expansion, financing as well as attraction of investment,” explained Vargas.

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Currently, Morpho Travel Retail employes 1,400 people and Café & Chocolates Britt has 360 employees.

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