Typhoo Tea teeters on the brink of administration
“Given the delicate nature of this we are not in a position to comment any further,” said Mr McNulty.
He added that the “notice of intent” is to appoint accountancy firm EY to handle the process.
“This does not mean we are in administration,” he said, adding it was “an ongoing confidential process”.
The company’s losses widened to £38m from £9.6m in the year to the end of September 2023, which are the most recent results available. Sales fell to £25.3m from £33.7m.
Bristol-headquartered Typhoo Tea was founded in 1903 and is widely seen as one of the UK’s main tea brands, alongside the likes of PG Tips, Tetley’s and Yorkshire Tea.
Typhoo is majority-owned by private equity firm Zetland Capital.
It had been controlled by Indian conglomerate Apeejay Surrendra Group, which bought the business from Premier Foods in 2005.
Apeejay Surrendra offloaded its shareholding to Zetland in 2021.
Related
Is Labour to blame for slowing UK economy? It’s more…
Economic growth revised to zero, stubbornly high inflation, and warnings of job losses on the horizon. After less than six months in office, a narrative is taki
Construction chief steps up criticism of budget reforms in letter…
A leading construction industry body has warned the prime minister that measures unveiled in the budget will "fatally undermine" family-run compan
UK economy stagnates as GDP figures revised down
The UK economy had zero growth between July and September and is expected to have stagnated over the entire second half of 2024, undermining Keir Starmer’s pr
‘Worst Of All Worlds’: Economy Flatlines As Businesses Make Gloomy…
Rachel Reeves has been dealt yet another blow as businesses warned the UK economy is “headed for the worst of all worlds” in 2025.A survey by the Confederat
