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Tea supplier Typhoo plans to appoint administrators as the brand faces declining sales.
The 121-year-old brand, owned by private equity firm Zetland Capital, faces over £70 million in debt and declining sales in a competitive drinks market, reported The Guardian.
The company has filed a court notice to appoint administrators EY to oversee the process. The filing comes less than a month after former Burts Snacks boss Dave McNulty joined Typhoo as its new CEO.
Typhoo has faced struggles for years as many consumers have shifted from tea to coffee, energy drinks and newer trends like bubble tea.
In its latest annual report, the tea company announced a £38 million loss for the year ending September 2023, with revenue dropping 25% compared to the previous year.
A spokesperson for Typhoo told FoodBev: "Typhoo Tea Limited (TTL) announced its intention to appoint administrators on 14 November 2024".
"TTL is not in administration, and this action has been taken to enable us to pursue a sale of the business. A further statement will be issued in due course with further information."
Top image: © Typhoo Tea
#Typhoo #tea
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