than they bought it for 12 years ago.

Co-owner Mr. John Mello said the business, which at one time was Bermuda's largest paint contracting company, has no employees on the payroll at the moment.

He said the business was being offered at $80,000, which includes two trucks, equipment and office furniture, plus their agency for Uniroof products.

He and partner Mr. Wilfred Harris bought the business 12 years ago for $120,000 after serving as supervisor and general manager respectively for 15 years before that.

"We've been in the business for 27 years, and there comes a time when you want to get out of it,'' Mr. Mello said.

Island Painting Ltd. was set up by some of the same shareholders in Devonshire Industries Ltd., which is the parent company of Bermuda Paint Company Ltd.

He said that if the business could not be sold as is, parts of it will be sold off one at a time. An advertisement was placed in yesterday's edition of The Royal Gazette offering the business for sale. Mr. Mello said there had been a few inquiries.

He said the business had been doing well financially until about two years ago when a downturn in the economy forced Island Painting to downsize its staff.

"At one time we employed anywhere between 50 and 20 employees,'' Mr. Mello said.

"But we had to cut that. It was costing us to stay open. We don't have any employees right now.'' Mr. Mello said Island Painting had no major jobs in the past year, since completing the ACE Building, and the offices of Centre Re. Island Painting Ltd. also had such major jobs as painting the Southampton Princess and the former Holiday Inn in St. George's.