The owner of Correia Construction is one of three men who have bought out shareholders of the Bermuda Cement Company and hope to end the cement crisis on the Island.

Last night Dennis Correia, Chris Shanks and Paul Simons were already at work dealing with a shipment of cement that arrived on the Island. And Mr. Shanks, who is also the new general manager, said they have ordered another shipment to avert any shortages. It will arrive in February.

The men also hope to reignite negotiations with their landlord, the West End Development Corporation (Wedco) over remaining at the current site in Dockyard – one of the reasons the previous owners of BCC had their lease terminated.

The three men bought out not only Jim Butterfield's stake in the company but also six other shareholders who decided to get out of the business after years of protracted discussions with Wedco.

Over the past year negotiations between Bermuda Cement Company (BCC) and Wedco broke down over a variety of issues including the request that BCCdismantle the current plant and build a new one nearby in return for a 20-year land lease.

Former owner Mr. Butterfield estimated it would cost $12 million to $15 million to do so, and thus would be economically unviable.

Last night Mr. Shanks said: "The silos have another 40 years of use in them so we would hope to be able to continue using them.

"We would like to stay in the same location and we hope to have discussions with Wedco."

Mr. Correia's name has been attached to the deal for weeks but he denied that he was involved in any attempt to purchase shares last month in an interview with The Royal Gazette he chalked it up to Bermuda's "rumour mill". Mr. Correia's company Correia Construction is currently involved in a major project to expand the cruise ship pier at Dockyard.

In the interview he too said it would be an economic difficulty to move the plant from its current location.

Another sticking point in the protracted negotiations between the BCC and Wedco over the past few years was a requirement for the company to sell a percentage of its shareholdings to the public.

Mr. Shanks said it was not something the new shareholders had ruled out as it could raise necessary capital.

In the weeks leading up to the sale, the value of the company as a going concern was generally thought to be anywhere between $1 million and $6 million, dependent on it being granted a further land lease to operate from Dockyard.

The value of its facility parts and equipment is $250,000. The value of the buyout announced yesterday is not known.