Ansa McAL sells Standard Distributors to Term Finance

AFTER decades as one of TT’s best-known retail brands owned by Ansa McAL, the conglomerate has sold the local furniture giant Standard Distributors to Term Finance (TT).

The agreement includes Standard’s Barbados subsidiary, Standard Distribution and Sales Barbados.

In a statement issued on November 3, Ansa McAL said, “Term Finance will evolve Standard’s operations and brand into a dedicated credit provider and e-commerce platform, leveraging Standard’s 80-year experience and hire-purchase knowledge to offer best-in-class credit products to the market at strategically placed branches to be established across TT.”

The deal is expected to be completed by December 31, pending final approvals.

“Standard has been part of our group’s story for eight decades, shaping lives and homes across TT and Barbados,” said Standard Distributors’ managing director Nicholas Sabga.

“We want to extend our heartfelt thanks to all our employees, customers and partners who have stood with us, and look forward to seeing the brand’s next evolution under new ownership.”

The conglomerate said the sale reflects its ongoing effort to streamline operations across the group, while supporting Term Finance’s regional growth strategy.

Term Finance (TT) is a local subsidiary of Term Finance Holdings Ltd, a regional financial company that offers online consumer and small-business credit.

It is owned by PointWest Capital (80.01 per cent) and First Citizens Bank (19.99 per cent).

Based in Port of Spain, Term Finance provides short- and medium-term lending solutions through digital platforms and payroll partnerships.

The announcement follows the closure of Standard’s retail outlets on November 1.

Term Finance has signalled plans to transform Standard into a dedicated credit provider and e-commerce platform under the new name Standard Credit.

“We are proud to carry forward the Standard legacy and to uphold the confidence that generations of customers have placed in the brand,” said Term Finance chief operating officer Nicholas Farah.

“Our goal is to preserve that trust while introducing new financial solutions that give customers freedom to spend wherever they get the best deals.

“Evolving the Standard brand to Standard Credit is our way of telling the market that Term Finance is coming to the high street!”

Customers with active hire-purchase or service agreements have been assured of continued support during the transition.

Payments can still be made at Standard’s existing branches in Mount Hope; Coffee Street, San Fernando; Arima; Tobago; and Barbados, as well as at the Chaguanas Service Centre, Ansa House in Port of Spain, and the former Modern Touch location at Grand Bazaar.

Additional options include bill payments through NLCB booths nationwide, direct deposits to Republic Bank account number 150 267 911 401, and credit card payments via www.standardtt.com.

Details on service and warranty support will soon be shared through Standard’s official website and social media pages.

Ansa McAL said staff affected by the sale have been offered redeployment within the group or enhanced separation packages.

Employees will also have access to financial counselling sessions and job fairs in Trinidad and Barbados in November.

Group CEO Anthony N Sabga III said the sale “closes an extraordinary chapter in the Standard story,” adding that Ansa McAL remains proud of the brand’s role in Caribbean homes and of the people who built it.

Founded in 1945, Standard Distributors became part of the Ansa McAL Group in 1967, evolving into one of its longest-standing retail subsidiaries.