Typhoo Tea collapses into administration – London Business News | Londonlovesbusiness.com

Typhoo Tea has collapsed into administration after 120-years and has files a notice to appoint administrators.

Typhoo Tea has appointed insolvency experts at Kroll to oversee the administration and the company are hoping for a rescue deal.

The London listed manufacturer who produces vaping products and batteries told shareholders on Thursday they are in an “advanced stage” of rescue talk, but added nothing is certain at this stage.

The company’s latest filings show it made £38 million in losses for 2023, and shares plummeted by £25.3 million.

A spokesman for Kroll said, “As reported recently, the company has experienced significant cash flow constraints as a result of supply chain disruptions and subsequent service issues.

“The company has been exploring a sale of the business and assets which is in the process of concluding.

“The administration process provides Typhoo Tea with protection, allowing the joint administrators to finalise the sale in order to rescue the business.”