One of the leading local manufacturers of beverage is Banks DIH Ltd. which is a publicly traded food and beverage company in Guyana. To date, the company produces soft drinks, alcoholic beverages and food products; operates bars and restaurants which reaches the entire country. In addition, the company owns a controlling share in Citizens Bank Inc.
Banks DIH Ltd. has branches and agents throughout the country and owns a large fleet of delivery vehicles. Products are exported to various Caribbean countries. Adding to that, the company imports and distributes whiskey, vodka and other products from abroad.
The Making of Banks DIH Ltd
The D’Aguiar Family was in business in Guyana for over 150 years. In the 1840’s Mr. Jose Gomes D’Aguiar, the founder, started a Rum Business which developed into a chain of Retail Spirit Shops. In 1885 the business was expanded to include a Cocoa and Chocolate Factory and a Schooner Shipping Agency.
Mr. Peter Stanislaus D’Aguiar felt, however, that the date of historic importance was in 1896 when the four sons, Jose Jnr, Manoel, Francisco and John formed the partnership of D’Aguiar Bros. after the death of Mr. J.G. D’Aguiar in 1893. In the same year the brothers purchased the Demerara Ice House which then consisted of a hotel, liquor bars and an aerated soft drink plant. The name ‘Ice House’ was derived from the fact that ice was imported in schooners from Canada, hence the initials D.I.H.
Papers concerning D’Aguiar Bros. dating back to the beginning of the century showed that the actual purchase of the old Demerara Ice House was made in October 1896 with its possession being effective from November 16 of that year. The purchase was arranged through the Hon. J.H. De Jonge, auctioneer. The price, $50,000.00, a substantial sum in those days was for buildings only. Eventually, a twenty-one-year lease was negotiated from the Crown in whose title all lands were vested in those days. It was not until 1929 that the land was bought outright from the Government. In that year Dr. J.G. D’Aguiar (Mr. Peter D’Aguiar’s father) then the sole proprietor following the death of his brothers, formed the company of D’Aguiar Bros. Limited.
Mrs. P.M. D’Aguiar became the principal shareholder on the death of her husband, Dr. J.G. D’Aguiar. The business faltered and was at a point of bankruptcy. She was offered the paltry sum of $100,000.00 for the business as a going concern, but she refused to sell, as she was convinced that her youngest son, Peter D’Aguiar, should be given the opportunity as he appeared to have the business acumen to salvage the company and to build it into a thriving concern.
In 1934 at the age of twenty-two, Peter took over as Managing Director of D’Aguiar Bros. Ltd.
Peter concentrated on the manufacturing side, especially soft drinks and rum. He borrowed heavily to re-finance the business. Gradually old debts were paid off and the business began to flourish again.
In 1942 Peter acquired the franchise for Pepsi-Cola making British Guiana (as it was named) the first country in South America to bottle this beverage. The popular range of I-Cee flavours was introduced in 1952. The production of XM Rum was expanded and became the No.1 Rum in 1959.
Long before Peter took over, the Cocoa and Chocolate business and the Shipping Agency had been relinquished. The range of interests was still fairly wide and included a soft drink factory, rum bond, bottling plant, liquor store, retail bars, hotel and pawn brokery most of which had been operated and located at D’Aguiar Bros. Ltd. in Brickdam, Stabroek since 1896.
In 1955, Peter D’Aguiar promoted Banks Breweries Limited, the first public company with a widespread ownership. In 1966 the Private Family Company (D’Aguiar Bros. Ltd.) was converted into a public company, D’Aguiar Bros. (D.I.H.) Limited with a share capital of $1.0 M (one million dollars).
1969 saw the merger of D’Aguiar Bros. (DIH) Ltd. with Banks Breweries Ltd. into a new company called Banks DIH Limited with a Share Capital of G$4,140,000.00.
The Company’s headquarters was moved to Thirst Park where the production complex and the head office, known as the Rotunda, were built in 1969.
The cost of the modern complex on 13.2 acres of land designed by a young Polish Architect, Marian Dorr-Dorynek at that time, was valued $7,000,000.00.
Since then the number of shareholders has increased from 5,000 to over 14,000 and employees from 300 to over 500 of the company’s regular employees becoming shareholders.
On Thursday, 30th March, 1989 at 5.00 a.m., London time, Peter S. D’Aguiar, age 76, died at the London Hospital, England where he had travelled to obtain medical attention.
During his tenure of service (1934 – 1989) the company showed a record of rapid development and continued progress and has emerged as one of the most dynamic, efficient and profitable businesses in the Caribbean.
Banks DIH Limited is now a multi-billion dollar company and is headed by Mr. Clifford Barrington Reis, CCH, who was appointed Chairman/Managing Director after the death of Mr. Peter S. D’Aguiar thereby heralding the dawn of a new era in the company’s history.
Undaunted by the magnitude of the added responsibilities, the new Chairman immediately got down to the job of keeping Banks DIH Limited on its chartered course of continued development. Mr. Clifford Reis’ management style could be described as ‘hands-on’ and manages through consultation, help and advice from the Directors, Executive Board Members and the Worker Management Participation Board (W.M.P.B.). He believes that business must be undertaken with a sense of urgency and getting quality results is of the utmost importance.
Achievements
- The XM family of rums has received international acclaim in 2018 being:
- XM Supreme 15-year-old and XM Special 12-year-old receiving Grand Gold Awards
- XM Royal 10-year-old and 5-year-old were bestowed Gold Awards by Monde Selection, an International Institute for Quality Selection based in Brussels.
- XM 15, 12 and 10-year rum won Gold Medals at the Rum Masters tasting competition in England in 2013
- XM 10-year-old was a Gold Medalist at the Caribbean Rum Festival in 2014.
- Their Flagship Banks Beer and the latest edition in the beer family – GT Beer both won Gold Medals at 2018 Monde Selection for quality as well as Rain Forest Waters.
- The Company was awarded the prestigious Coca Cola Excellence Cup for performance Excellence (Small Markets) at the Coca Cola Latin Centre Business Unit Regional Conference in 2016.
- Guinness Stout, bottled under license earned second place in the Americas and fourth worldwide in the Guinness League of Excellence in 2017.
Banks DIH Ltd have a considerable reputation as one of the flagship private sector enterprises in Guyana. The enterprise that has been part of the local business sector landscape for more than a century and has succeeded in continually re-inventing itself.
What sets this uniquely Guyanese company apart is not only the fact that it has stayed the course and is still very much a considerable force to be reckoned with in the local food and beverage industry, but that, in the process, it has maintained a uniquely Guyanese image, earning its unquestioned place as an icon in the local business sector.
References
- https://www.stabroeknews.com/2012/business/business-editorials/01/27/banks-dih-ltd-a-jewel-in-the-crown-of-the-guyana-private-sector/
- https://www.banksdih.com/?q=about-us
