Tennyson Wells in the House of Assembly. (Photo: Mario Duncanson/ Tribune Staff)

Published On:Friday, August 14, 2009

BACARDI has confirmed it will sell its Nassau-based production facility in New Providence and properties at Clifton Pier to The Source River Limited headed by former FNM minister Tennyson Wells. The deal could be closed by the end of September.

Tribune Business learned some time ago that Source River was interested in the Bacardi property; however, were keeping tight-lipped on the deal.

In a release issued yesterday by Source River, it is revealed that the company is comprised of Bahamian investors "including several former Bacardi employees" and could close the deal with Bacardi by the end of the month and turn the ex-rum facility into a water production facility.

"The Source River Limited is led by well-known businessman Tennyson Wells and is comprised of nearly 40 Bahamian investors. The Source River Limited plans to produce and bottle distilled water," the release said.

"Bacardi & Company Limited today announced it has signed a contract to sell its Nassau-based production facility in New Providence and properties at Clifton Pier to The Source River Limited , a Nassau-based investment company, and expects to close on the deal by September 30, 2009.

"Bacardi products currently for sale in The Bahamas in retail stores, restaurants, bars, clubs and at The BACARDI Store will continue to be available at these locations. The Bacardi portfolio includes: BACARDI rum and BACARDI Flavoured rums, GREY GOOSE vodka, BOMBAY SAPPHIRE gin, DEWAR'S Blended Scotch whisky, CAZADORES tequila, MARTINI vermouth and asti and other leading brands. BACARDI continues to be Bahamians' favourite rum."