Typhoo Tea collapses into administration
Typhoo Tea has collapsed into administration, putting more than 100 jobs at risk.
The Bristol-based tea brand filed a court notice on Thursday (November 28) to bring in administrators, following a year of setbacks and a break-in at its Wirral factory.
The company’s losses widened to £38m from £9.6m in the year to the end of September 2023 while sales fell to £25.3m from £33.7m.
The news follows Typhoo posting a notice of intention to appoint administrators last week.
Typhoo’s chief executive Dave McNulty said at the time that the court filing “affords the company some breathing space to explore solutions.”
[AuthorRecommendedPosts]“Given the delicate nature of this we are not in a position to comment any further,” he said, adding 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”.
Since 2021, the brand has been majority-owned by private equity firm Zetland Capital.
Typhoo has been in business for more than 120 years – since 1903.
