The biggest shareholder in the West Indies Rum Distillery is selling its stake in the company.
In a press release issued Tuesday Goddard Enterprises Limited says it already has a buyer.
Goddard's says the spirits industry no longer fits its business strategy.
That's why it has decided to sell its shares in the West Indies Rum Distillery.
Goddard’s Enterprises was investigating several options for the future of the distillery, before deciding to sell the controlling interest it has maintained for the last 29 years.
It will be selling its 92 percent stake at a price of about $10.23 per share.
United Caribbean Rum Limited a Barbados holding company has agreed to purchase all of the issued and outstanding common shares.
United is a wholly owned subsidiary of a privately held French holding company which has extensive expertise in the spirits business and has been involved in the production and sale of fine spirits and fruit liqueurs for years.
Goddard’s says United's experience makes that company ideally placed to upgrade the quality and presence of Barbadian rum globally.
The transaction should be finalised as soon as the parties involved satisfy all of the applicable regulatory requirements.
The Cockspur and J and R Rum brands are not part of the sale and will therefore remain the property of Goddard’s Enterprises.