Tobago Gold gains new investorsBy Nicola Carruthers
Caribbean rum liqueur brand Tobago Gold has secured ‘substantial’ financial backing from two businessmen.
Ronald Harford and Wilfred Espinet have made undisclosed investments in the brand.
Espinet has experience in the manufacturing, shipping and retail sectors, and was the former president of the Trinidad and Tobago Manufacturers’ Association.
Meanwhile, banker Harford was the ex-chairman of Republic Bank, ex-president of the Bankers Association of Trinidad and Tobago, and the Trinidad and Tobago Red Cross Society, and a former chairman of the University of the West Indies Development and Endowment Fund.
“The latest additions to our investor family – Mr Ronald Harford and Mr Wilfred Espinet – are some of the most reputable financial and manufacturing sector businessmen in Trinidad and Tobago,” said Lars Söderström, founder and CEO of the brand.
“Both gentlemen believe in Tobago Gold story and its high potential to develop across some of the most important spirits markets, such as the UK and Germany. They have made substantial cash investments and are also granting our team their extensive business expertise.”
Espinet and Harford have joined a group of Tobago Gold investors, including international lawyer Romano Subiotto, and John Reichenbach, chair of the Harvard Business School Angels of Boston.
Last summer, the brand secured its first equity investment from a Portugal-based backer.
Launched by Söderström in 2020, Tobago Gold (17% ABV) is a blend of rum, dark chocolate and spices.
It is available to consumers in its home market of Trinidad and Tobago, as well as the UK, Germany, Canada (Ontario), the Netherlands, Belgium, Sweden, Denmark, Iceland and Latvia.
Last month, the brand secured a new distribution partnership in the UK with Skylark Spirits. Consumers can now purchase Tobago Gold through online retailer Distillers Direct.