Bristol tobacco giant Imperial Brands has revealed it is seeking to sell its portfolio of some of the world’s leading cigar brands – including the late Fidel Castro’s favourite cigar.
The company is looking to offload its ‘premium cigar’ business, as part of a £2billion project to streamline its portfolio.
The Ashton-based business is the world’s fourth-biggest tobacco firm, owning dozens of cigarette and cigar brands across the globe.
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However, much of its current focus is on its next-generation product line of vapour alternatives. And as part of a previously announced divestment programme, it has put its premium cigar business up for sale.
Evocative names such as Montecristo and Cohiba are instantly familiar to smokers.
Imperial runs a joint venture with the Cuban government to market and sell the luxury cigars. For much of his political life the late Cuban leader Fidel Castro was rarely photographed without a cigar.
In 1994, in a rare interview with the Western media, he told Cigar Aficionado magazine that Cohiba was his preferred brand. It had been developed in 1966 after the Cuban revolution and until 1982 the cigars weren’t exported.
Due to the ongoing trade embargo with the United States, they are still not available in America.
In the UK, depending on size, a single cigar can cost about £40.
The 150-year-old company behind these landmark Bristol buildings
In a statement the tobacco giant said: “Imperial Brands PLC confirms its intention to sell its worldwide premium cigar business as part of its divestment programme.
"The programme supports Imperial’s ongoing simplification agenda and will release capital to pay down debt and, where appropriate, invest in its growth agenda.
“Premium Cigars have performed well over a number of years with good revenue and profit growth; however, it is a unique luxury business with a different consumer base and route to market relative to Imperial’s other businesses.
"The sale of the business provides an attractive opportunity to realise shareholder value.”
It added that it was being advised by AZ Capital with the disposal and there was no certainty that any transaction will take place.
