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15-11-2024, 07:14 PM
Typhoo Tea is set to appoint administrators as the 120-year-old brand's sales slump, losses widen and debts rise.
The company has filed a notice at court "which affords the company some breathing space to explore solutions", Typhoo's chief executive Dave McNulty told the BBC.
The firm has been trying to turn itself around for some time.
However, it suffered a setback after trespassers damaged its former factory in Moreton, Merseyside last year.
"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.
https://www.bbc.co.uk/news/articles/c5yr22qq5q8o
The company has filed a notice at court "which affords the company some breathing space to explore solutions", Typhoo's chief executive Dave McNulty told the BBC.
The firm has been trying to turn itself around for some time.
However, it suffered a setback after trespassers damaged its former factory in Moreton, Merseyside last year.
"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.
https://www.bbc.co.uk/news/articles/c5yr22qq5q8o