CL Financial Ltd executive chairman Lawrence Duprey says doing business in the financial sector has become too restrictive and he now wants to devote his attention to developing the group’s drinks business, which he said is more profitable. In response to questions at yesterday’s Central Bank press conference, Duprey said his future role at Clico and CL Financial had not yet been finalised.

Central Bank governor Ewart Williams said the Government’s shareholding in Clico would be a catalyst to change the structure of the board and its management, as well as its business structure. Duprey said he had planned to get out of CL Financial in due course, in order to devote his energies to building a global liquor brand out of the group’s drinks companies. Duprey had been spearheading this drive through a vehicle called CL Financial World Brands. He said he felt this was more suited to his skills.

Duprey said that he was winding down his involvement in the financial aspects of the business in order to concentrate on the drinks business.
Referring to the group’s recent acquisition of the internationally famous Appleton Rums brand, through its purchase of the Jamaican firm, Lascelles de Mercado and Company Limited, Duprey said he was working on a global level and the drinks business was more lucrative than the financial sector.
Earlier, president of the National Trade Union Centre (Natuc), Michael Annisette, who attended the press conference, said the Government intervention in CL Financial presented the Government with a golden opportunity to establish an energy mutual fund so that citizens of T&T could own a part of the energy sector.

Duprey responded that having an energy mutual fund was only part of his plans for the group. He said his intention was to make all the CL Financial companies public eventually. He said once this is done other people could create mutual funds out of them. Asked why, then, he had never sought to invite public participation in the group, Duprey said it was not ready as yet and needed to develop critical mass.

The CL world brands empire

The group’s key brand-owning companies are currently:
• Angostura Ltd—rum and bitters producers based in Trinidad.
• Burn Stewart Distillers Ltd—Scotch Whisky producers based in Scotland.
• Thomas Hine & Co Ltd—cognac producers based in France.
• Fassbind—Eaux-de-Vie producers based in Switzerland.

The following distribution companies are also owned by the group:
• Angostura USA, located in Fort Lauderdale, Florida.
• International Beverage Corporation, located in Atlanta, Georgia, USA.
• Burn Stewart UK, located in East Kilbride, Scotland, UK.
• Burn Stewart Taiwan, located in Taipei, Taiwan.
• CL World Brands Duty Free, located in Switzerland.
• Angostura France, located in Paris, France.
• Société Dugas, located in Paris, France.
• Paragon Vintners Ltd, located in London, UK.

Source: www.clworldbrands.com