El-Martillo to open 150 vacancies as Government says no money has been lent to group

Local investment and holding company El-Martillo Limited is to open 150 new vacancies which will include training opportunities for all ages, including those with special needs.

The firm has acquired dozens of local businesses over the past few years across numerous industries, including more recently Bland Travel.

Speaking to GBC, Chairman Elias Tapiero said the acquisitions have so far saved more than nine companies and over 150 jobs. 

Meanwhile, in answer to GBC questions, Number Six said no Government-owned company has lent any money to El-Martillo Limited.

There’s no denying that El-Martillo has become the talk of the town, having acquired a large number of local companies in recent years.  But the question many are asking is, how are they funding their acquisitions, and whether the money is coming from the Gibraltar Saving’s Bank via a complex structure of companies. Who is making the decisions? And who is benefitting from them? And is El-Martillo gaining a selective economic advantage over competing businesses?

Company background

The company can trace its roots to the John Mackintosh Square, known as El-Martillo, because it was where goods and prizes were bought and auctioned. Its meaning in English is the hammer or gavel, which is the symbol of the auctioneer.

According to the company's Linkedin page, the Tapiero family were merchant traders. The current chairman of the group is Elias Tapiero, and it was his father and grandfather who helped build the foundations of the business as it is today.

Previously trading under the name of Steelmac, the group describes itself as a Gibraltar-based holding company that oversees eight diverse companies across various industries, including wholesale, restaurant and catering, marine services, metal recycling, waste disposal, security, and property holding.

Acquisitions

A list of 45 local companies allegedly bought by El-Martillo has been circulating on social media. GBC asked Mr Tapiero whether the list was correct. He said it wasn’t, confirming that only 19 of the firms on the list belong to the group.

Mr Tapiero confirmed that El-Martillo has acquired 8 local companies in the past two years, but has declined to confirm how many people they employ. GBC asked Mr Tapiero why he was buying up dozens of local companies.

He said, “The opportunity is out there and we believe in helping out older companies…giving them the opportunity to succeed, and also to save jobs. We have saved 9 companies and over 150 employees from unemployment, as well as repaid hundreds of thousands of pounds to wholesalers, retailers and private individuals who had lost their money.”

Mr Tapiero said the group won the tender for the Waste Treatment Plant which had been through several tender processes in the past 16 years, because his firm has 30 years experience in dealing with waste.

In respect of Blands Travel, he said the acquisition was expected to be completed this week. Mr Tapiero confirmed that no jobs will be lost at the company. In fact, he said there are plans to introduce more training schemes for drivers and mechanics.

Funding

GBC asked how the acquisitions were being funded, Mr Tapiero said this was being done through a number of lending institutions, paying premium market rates, as well as private family finance.

Mr Tapiero told GBC his company had “never missed a loan payerment in 50 years”.

We also put a number of questions to the government. It limited itself to saying:

-No Government owned, affiliated or controlled company has lent any money to El Martillo Limited or any affiliated company.

-No Minister has any interest whatsoever or howsoever arising in any company in the list provided or in El Martillo or any affiliated or related entity.

- and that Ministers' interests are declared as required by the Ministerial Code and the Parliamentary Rules relating to declaration of interests.

GBC asked a follow up question, about whether El Martillo has received funding from any one of the 45 money-lending institutions which received £900 million pounds from the Gibraltar Savings Bank. 

Number Six did not reply, other than to refer us back to its previous response.

El-Martillo's rapid expansion will no doubt continue to raise questions, but in the meantime, the announcement that the group is opening 150 new vacancies including training, for people of all ages and background, will surely be welcomed.