M&C Retail Activity: 1864 to date

During the first twenty years, M&C then a partnership, had a core business that included dry goods (merchandising), wines, shipping and insurance. The diversified nature of the enterprise was further enhanced when, during the next fifty years expansion included entry into the coal industry, manufacturing, namely an aerated drinks’ plant and an ice manufacturing plant. In an era when coal was king, M&C as a consequence of its foresight in capitalising on the establishment of St. Lucia as an Imperial coaling station, was able to enjoy phenomenal success. Its early entry into commercial coaling on the island had allowed it to develop significant market share and the firm’s coaling business remained for many years its largest single economic activity.

The same business acumen that had characterised the earlier years served well in directing the company’s movement out of the coal industry well ahead of its demise. Simultaneously new areas were being introduced including the establishment of the islands’ first motor company and its associated operations, cigarette manufacturing, pharmaceuticals and the sugar industry. All of this took place despite setbacks caused by disastrous fires in 1927, 1948, 1960, and 1972 as well as the great depression of the 1930s from which St. Lucia had not been spared.

By the 1930s the rapidly expanding and highly diversified enterprise could no longer effectively function in its capacity as a partnership/proprietorship and so M&C became a limited liability company. Its size increased significantly when in 1951 it became incorporated with its sister company Minvielle and Co.

Another significant juncture for M&C was during what has been described as "the multinational interlude 1973-1983", (Winville King, 1989). During this era 75% of the company’s shareholding was sold to a multinational company, Booker McConnell Ltd. itself with a long history in St. Lucia and indeed the Caribbean. The attempt by Bookers to go public met with little success. This was due in part to the unstable political climate that prevailed at the time. By the end of the period concerned major departments- dry goods, toys, furniture, supermarkets, foot-ware and frozen foods were lost and retrenchment had reduced the staff of 800 to 280.

Another important juncture was reached in 1983 when the Devaux family bought back M&C from Bookers, this feat was yet another "first" on the local and regional scene. True to tradition the revived company began to seek new fields for expansion and Tourism and Distribution Trades were targeted. Diversification and adaptation became the signature of the "new" establishment as it explored avenues and phased out less profitable interests. To date, the company has broken new ground and exhibited great foresight and pioneering spirit expanding into retail tourism and exploring options in the Financial services sector.

M&C a privately held family owned business

On September 3rd 1864 Mr Henry Minvielle arrived from England and commenced business two days later. The firm of Minvielle & Chastanet Evolved from an earlier business partnership named Duboulay, Minvielle & Co. Having bought over Duboulay’s shares Henry Minvielle went into partnership with Charles Chastanet and so began the partnership of Minvielle & Chastanet. After the death of Minvielle, Chastanet became sole owner and brought in partners Gottfried Graf a German buisness-man and Lionel Devaux who had married one of his daughters. This is the point at which the Devaux name made its first and lasting entry into M&C – a family whose roots have been planted in St. Lucia since 1740.

On the death of Charles Chastanet in 1898 Messrs Graf and Devaux became sole partners. Graf died in 1915 and Lionel Devaux in 1917. This left his widow Therese Devaux as sole owner. She immediately entered into a five year management agreement with Jules Salles-Miquelle and Henry Detcheparre Dieudonne de Minvielle, the latter being the son of the late founder.

Towards the end of the management agreement in the year 1920 19year old Harold Devaux of the late Lionel Devaux returned home from his studies in Stonyhurst College in England. He immediately entered the business alongside his widowed mother and by 1925 had taken over the management. About five years later another youthful Devaux was introduced into the world of commerce, his name was Joseph Devaux. The fifteen-year old was introduced to the neighboring business of Minveille & Co alongside his ailing uncle and by 1951 became joint Managing Director with Harold Devaux – both of them grandsons of the original founder.

In 1960 M&C entered its 4th generation when Frederick Devaux a great grandson of Charles Chastanet returned to St. Lucia and joined the firm. A Chartered Accountant by profession he became Joint Managing Director with Joseph Devaux in 1969. After the Death of Joseph Devaux in 1990 the directorship was shared with Peter Devaux Son of Joseph Devaux.

In 1999 Fred Devaux became Executive Chairman of the M&C Group of Companies.

The only period in which the company was not entirely private and family owned was 1973 – 1983. During this time Booker McConnel Ltd. bought 75% of the Company’s shareholding with a view to going public. Unfortunately, the uncertain political climate of the time was a significant contributor to the failure of this effort.