UK, Essex, Harlow, senior man holding a cup of tea whilst sitting on his garden patio in the morning.
Britain's Supreme has bought out loss-making tea brand Typhoo Tea from administration in a 10.2 million pound ($12.94 million) deal, the fast-moving consumer products seller said on Monday.
The 120-year-old tea brand had fallen into administration in November due to declining sales and mounting debt pressures.
Supreme also expects to further its retail footprint with the acquisition, taking advantage of Typhoo Tea's expansive supply relationship with all major UK supermarkets and discounters.
Typhoo Tea, the first pre-packaged tea brand in the UK, made about 20 million pounds in revenue and pre-tax losses of about 4.6 million pounds for the year ended Sept. 30.
Organizations:
Britain's
Locations:
Essex, Harlow, Merseyside