Bald Head Island Limited, LLC Announces Plans to Sell Island Retreat Spa

Thursday, June 7, 2012

Bald Head Island, NC (June 7, 2012) – Bald Head Island Limited, LLC is pleased to announce it has entered into a definitive agreement to sell Island Retreat Spa and Salon to John Prendergast of Bald Head Island, N.C. The agreement includes the purchase of the business and associated real estate. The transaction is expected to close in late June 2012.

“We are excited about creating the opportunity for both Island Retreat Spa and Salon and John and Sue Prendergast. The Prendergasts are uniquely qualified to successfully operate the spa and provide an outstanding experience for its existing and future clientele,” said Charles A. Paul, III, CEO of Bald Head Island Limited, LLC. “John and Sue bring a rich background of business experience, coupled with a strong desire to contribute to the way of life for residents and guests on Bald Head Island.”

The Prendergasts have owned a residence on Bald Head Island since 2000 and have been permanent residents of the island since 2004. John has a broad range of business development and entrepreneurial experience, most recently in the telecommunications industry. His wife, Sue, co-owns All About Art, an art gallery and studio that recently opened on the island.

“Bald Head Island Limited’s long-term development plan includes establishing a diverse and thriving business community with a variety of third-party owners, operators and stakeholders,” said Paul. “As the island matures, continued diversification of business ownership supports the island’s long-term health and viability.” The pending sale of Island Retreat Spa and Salon marks the third business acquired from Bald Head Island Limited, LLC in the last 18 months. Previous sales were of the Maritime Market grocery store and Eb & Flo’s Steambar, a restaurant now known as MoJo’s on the Harbor. These three transactions, coupled with Bald Head Island Limited’s significant recent investments in island infrastructure and in supporting several other entrepreneurial ventures established on the island during Paul’s tenure, are consistent with fostering the island’s long-term commercial development and economic growth.

“As property owners on Bald Head Island for many years, we appreciate how calming and refreshing time on the island can be. With the purchase of Island Retreat Spa and Salon, we hope to help owners and guests make the most of their time on the island,” said John Prendergast. “We will be taking a hands-on approach to the operation of the spa and the services it offers, with the goal of providing a relaxing, restorative experience for our clientele.”

Island Retreat Spa and Salon, located at 6 Maritime Way beside the Maritime Market, offers a wide variety of spa services including massage therapy, facials, pedicures, manicures, haircuts, hair coloring, makeup application, and special services tailored to brides and bridal parties. To learn more about Island Retreat Spa and Salon, call 910-454-0333 or visit www.islandretreatspa.com.

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