Typhoo Tea has been rescued from administration by vapes and batteries maker Supreme.
Britain’s oldest tea company filed to appoint administrators last Wednesday, risking the future of the 121-year-old firm.
However, London-listed Supreme confirmed talks over a deal last week and said on Monday it has completed a rescue deal to buy the historic brand.
Supreme said it will pay a total of £10.2 million to buy Typhoo, in a deal which values the brand’s stock and trade debts at £7.5 million.
The move is part of a strategy by Supreme to expand its operations away from vaping, after buying soft drinks business Clearly Drinks earlier this year, before a Government crackdown on disposable vapes.
Sandy Chadha, chief executive of Supreme, said: ‘The acquisition of Typhoo Tea marks a significant step in our broader diversification strategy and brings one of the most iconic UK consumer brands into the Supreme family.
‘I believe Typhoo Tea will thrive under our ownership, further benefiting from Supreme’s significant market reach and successful track record in creating brand loyalty, making us an ideal fit for this business.
‘Having established our soft drinks division earlier in the year, we believe the addition of Typhoo Tea and its highly complementary blend of great value and premium tea brands, creates tangible cross sell and product innovation opportunities in the near-term, alongside avenues into credible UK retailers that Supreme has been looking to partner with.’
This is a breaking news story, more to follow
