Typhoo Tea has been bought out of administration for £10.2m.
Less than a week after administrators were appointed a buyer confirmed plans to purchase the 121-year-old business.
Consumer goods wholesaler Supreme has announced it is to be the new owner.
There will be no disruption to supply during the acquisition process, Supreme said.
The brand has been under financial pressure in recent years due to slowing sales and rising debt. A break-in at Typhoo’s former Merseyside factory in 2023 made the site “inaccessible” and caused “excessive damage”.
Follow our channel and never miss an update
Supply chain problems and cash flow difficulties had beset the business, its administrators Kroll said.
Changing tastes are likely to be behind the lower sales. Younger people are moving away from black tea and competition from coffee and soft drinks has further helped stall sales, according to research firm Mintel.
HSBC Holdings to kick off search for next chairman
Money blog: ‘Karpet Kingdom has sent me a legal letter saying we didn’t pay for carpets fitted 18 months ago’
Vauxhall parent firm’s boss abruptly resigns – days after Luton plant announced closure
Follow our channel and never miss an update
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.
