Angostura selling Canadian subsidiary, Angostura Canada: report

A business report in the Trinidad Guardian Saturday said Angostura Holdings Ltd is selling its Canadian assets—Angostura Canada in a multi million-dollar deal that would see two different companies taking over the operations.

The paper cited Angostura CEO Wayne Yip Choy, quoting him as saying that the Canadian facility, located in the province of Manitoba, has been idle for about 18 months with full-time and part-time employees.

Angostura Canada was shut down in 2009 shortly after the CL Financial crisis led to the takeover of CL by the government of Trinidad and Tobago. Angostura bought the assets of Maple Leaf Distillers, including its production equipment, real estate, warehouse space and brand trade marks in December 2005.

Maple Leaf was placed into bankruptcy in 2006 and Angostura Canada opened a year later after investing more than a million dollars refurbishing the plant and installing a new bottling line. It closed after the CL fiasco in Trinidad and Tobago.

The Guardian said Yip Choy declined to say who is buying the company because the sale is still being negotiated. The company expects the deal to be completed by the summer.