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Tobago Gold goes bankrupt

Rum-based chocolate liqueur Tobago Gold has filed for bankruptcy.

Tobago Gold
The brand filed for bankruptcy in November 2024

Founded by Lars Söderström, Tobago Gold is a chocolate rum liqueur made with Caribbean spices. It is bottled at 17% ABV.

The brand, registered in the Netherlands, was declared bankrupt on 12 November 2024, official documents show.

According to translations of the documents, reasons for the bankruptcy include ‘disappointing’ sales, which resulted in a surplus of inventory.

It also noted internal discussions about governance, which diverted attention from core activities.

Furthermore, higher-than-expected consultancy costs resulted in lost confidence from investors, heightened by ‘lagging turnover’. As a result, insufficient income meant operational costs could not be covered.

The document said the company endeavoured to reduce costs by introducing various austerity measures and negotiating with creditors for more favourable payment conditions. However, these efforts were not enough to avoid bankruptcy.

Interested parties were invited to bid on stocks of Tobago Gold, including finished products, bulk goods and packaging materials. The stocks have been sold to German company Your Success Counts, founded by Ute Hagen, for €18,500 (around US$19,077). Hagen has also been chairperson of the board of Tobago Gold since February 2024.

The Spirits Business has reached out to Tobago Gold for a comment.

The chocolate rum liqueur brand had been expanding to new markets, with particular focus on countries in the EU from 2022 to 2023. In 2022, the brand secured ‘substantial’ financial backing from two businessmen.

Last week, English spirits producer Alderman’s Drinks, the company behind Didsbury Gin, went into liquidation after owing its creditors nearly £200,000 (US$245,877).

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