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KLE transferred its restaurant operations in 2021 to UBT&R Restaurant Systems Limited, known as FranJam, which now manages the Usain Bolt's Tracks and Records locations in Montego Bay and Kingston.
KLE Group, a minority stakeholder in Usain Bolt’s Tracks and Records restaurants, reported deeper losses in 2024, resulting in negative equity.
“Material uncertainty exists that may cast significant doubt on the group's and company's ability to continue as a going concern,” stated auditor Crichton Mullings & Associates in its financial review.
KLE Group reported a $25.7 million loss for the year ending December 2024, wiping out its $10.6 million capital from the prior year and resulting in a negative equity of $14.2 million.
It had shifted its business focus to real estate and property management, though no activities were undertaken in this segment during the current or previous year.
KLE transferred its restaurant operations in 2021 to UBT&R Restaurant Systems Limited, known as FranJam, which now manages the Usain Bolt's Tracks and Records locations in Montego Bay and Kingston.
Additionally, KLE's wholly owned subsidiary, Bessa Resort Management Limited, was established in 2023 to oversee the property rentals of the Bessa Villas, though no trading activities have been reported to date.
KLE Group's revenue for 2024 was nil, compared to $54 million in the previous year, reflecting the impact of restructuring.
The company’s largest shareholder is Joseph Bogdanovich, with a 23 per cent stake, followed by former CEO Gary Matalon at 17.5 per cent. Other significant shareholders include Stephen Shirley with 10 per cent, and Chairman David Shirley holding 7.6 per cent.
