Popular tea company close to going bankrupt.

It seems that the people of Britain are not brewing as many cups of tea as they used to. In fact, one of the oldest tea companies in the country, Typhoo Tea, is facing some serious financial struggles. According to their recent financial reports, they have suffered losses of almost £40 million in the past year alone. While the brand has not yet gone into administration, they have filed a notice of intent to appoint administrators, which will give them some time to work out a rescue deal with their creditors.

The CEO of Typhoo, Dave McNulty, has stated that this move will allow the company to focus on finding a potential buyer for the business. He also added that they will be releasing more information about their plans in the near future. Typhoo Tea, which has been around since 1903, has been trying to recover from declining sales over the past few years. Unfortunately, things took a turn for the worse when their former factory in Moreton, Merseyside was vandalized by trespassers last year. This caused a significant amount of damage to the building and its contents, resulting in a loss of £24 million for the company.

As a result of these financial setbacks, Typhoo's debts have increased from £53 million to £73 million in just one year. It seems that consumers are also losing their taste for traditional black tea, opting for other hot beverages like herbal infusions instead. According to a recent survey, only 99% of people in Britain now use tea to make their hot drinks, compared to 63% who prefer coffee. This shift in consumer preferences has been going on since the 1970s, as younger generations have started to replace the "English Breakfast generation" who were known for their love of tea.

Despite these challenges, tea is not disappearing from supermarket shelves anytime soon. In fact, there has been a rise in popularity of "wellness" teas in recent years, with brands incorporating fruits, herbs, and even mushrooms into their tea bags. It seems that while the traditional cup of tea may not be as popular as it once was, there is still a market for more unique and healthy tea options. As for Typhoo Tea, we will have to wait and see what the future holds for this century-old brand.

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