Much loved tea brand saved after being bought out for £10,200,000

A beloved British tea brand has been saved from the brink of collapse by a vape manufacturer.

Fans of Typhoo Tea were left shocked after the century-old firm filed for administration last week after recording almost £40,000,000 losses last year.

The tea brand began looking for a buyer and after a two-week search, the vapes and drinks manufacturer Supreme announced it had taken over Typhoo.

Supreme confirmed today it had acquired the ‘long-established and well-known British tea brand’ for a cash consideration of £10,200,000, the Sun reports.

In a statement issued today, the manufacturer said: ‘Supreme is pleased to announce the acquisition of the trade and selected assets of Typhoo Tea Limited (“Typhoo Tea”), a long-established and well-known British tea brand, for a total cash consideration of £10.2 million (the “Acquisition”) out of administration.

‘The deal includes Typhoo Tea’s stock and trade debtors with a book value of £7.5 million and Supreme expects the integration of the business to proceed without disruption to existing operations or customer service levels.’

The Manchester-based Supreme is known as a manufacturer, owner and distributor of batteries, lighting and vapes.

By swooping in to rescue Typhoo, the company wants to diversify into drinks and nutrition, reportedly ahead of the government ban on disposable vapes next year.

Before collapsing into administration, Typhoo Tea had struggled financially despite being a kitchen cupboard staple.

It was hit by changing consumer habits from tea to coffee along with the coronavirus pandemic, while the Russia-Ukraine war reportedly caused supply chain issues.

Typhoo was founded in 1903 by Birmingham grocer John Summer and it became known for its ‘you only get an oo with Typhoo’ slogan.

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