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April 15, 2003

UK: C L Financial establishes drinks division

C L Financial Limited, the Trinidad based conglomerate that acquired Burn Stewart in December 2002, has established its drinks headquarters in the UK. A new holding company for all of C L Financial's drinks interests has been put in place. Called C L World Brands Limited it is based in East Kilbride, Scotland.

C L Financial Limited, the Trinidad based conglomerate that acquired Burn Stewart in December 2002, has established its drinks headquarters in the UK. A new holding company for all of C L Financial’s drinks interests has been put in place. Called C L World Brands Limited it is based in East Kilbride, Scotland.


C L World Brands holds controlling interests in Angostura Holdings Limited and Todhunter International Inc., Burn Stewart Distillers PLC and Angostura France S.A. and a 10% interest in Belvedere S.A. Currently, the group portfolio of brands comprises: Angostura Bitters; the Cruzan range of flavoured and traditional rums; the Angostura range of traditional rums; the Burn Stewart range of Scotches including Black Bottle, Scottish Leader and its single malts, Bunnahabhain, Deanston and Tobermory; and the Belvedere range of vodkas including Sobieski.


Following consolidation of the C L drinks investments and including the new brand acquisitions by Burn Stewart, announced yesterday, C L World Brands has total annual sales of around US$230m and net assets of around US$210m.


Having achieved this first consolidating step, the group has business activities in every continent of the world with regional expertise in the Caribbean, USA, UK, France, Poland, South Africa and South East Asia.


“Using these regional strengths, the group will specialise in niche brands across the world. The over-riding principle will be a commitment to brand building in order to create long term value. In its present shape C L World Brands provides a platform for significant organic growth. In addition, brand acquisitions will be made where opportunities arise that are consistent with the strategy of the group. In the longer term C L World Brands would expect to be capable of being listed on the London Stock Exchange,” the company said in a statement.


Executive chairman Lawrence Duprey said “The chief focus of this organization is to build value through its brands. The existing portfolio contains considerable development potential and I am sure that further opportunities will come our way.”


The directors of C L World Brands are CL’s executive chairman, Lawrence Duprey, Ian Bankier, formerly of Burn Stewart and Arnaud de Trabuc, of Angostura France S.A. Lawrence Duprey is chairman of C L World Brands, Ian Bankier is the chief executive and Arnaud de Trabuc is executive director of Strategic Affairs. The group company secretary is Michael Carballo of Angostura.

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