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Typhoo Tea has been bought in a rescue deal after falling into administration last Wednesday.
London listed vapes and battery maker Supreme has bought the 121-year-old company and it was confirmed on Monday they firm is no longer in administration.
Typhoo was bought for a total of £10.2 million which values the businesses brand stock and trade debts at £7.5 million.
In the year to 20 September Typhoo’s revenues was around £20 million with a pre-tax loss of £4.6 million.
Supreme’s Chief executive Sandy Chadha 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.”
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