THIS “TEQUILA” MAKER – using spirits distilled from garingbome in the Karoo – managed to catch out hapless investors twice. The first time it was in the guise of Reinet Distillers, which went belly-up after equipment problems delayed its production programme. Reinet was bought off liquidation in the late Nineties by former Dimension Data executive Keith McLachlan, who renamed the business Agave Distillers. Shareholders lost everything in the process.
A few years later McLachlan turned to public investors to provide funding for the struggling business, purportedly to finance production that would enable the group to cash in on an increased global demand for tequila. Things didn’t go as planned and control of Agave passed from McLachlan to unlisted venture capital share peddler Capital Commitments.
The new controlling shareholders also bumbled along and last year Agave was placed in liquidation. The last Finweek heard was that McLachlan had resurfaced and submitted a successful bid to buy out Agave from liquidation – an exercise that again left shareholders out to dry.