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Print5:53 pm, November 13, 2009
Lancashire Tea calls in administrators
By Michael Fahy
Lancashire Tea, the Newton-Le-Willows firm started in 2006 by the former operations manager of Typhoo Tea maker Gold Crown, has been placed into administration.
Chris Ratten and Carl Jackson of the Manchester office of insolvency firm Tenon Recovery have been appointed as joint administrators to the firm. Ratten said that the business had fallen into difficulty as a result of tea prices hitting record levels over the past 18 months.
“Tenon recovery is exploring options to sell the business as a going concern, and is in negotiations with a number of interested parties,” he said. “Discussions remain at an early stage at present, but we are confident that a suitable deal can be secured.”
In an interview with Crain's in January this year, Needham said that he was attempting to diversify the business by opening tea shops after losing a nationwide listing with supermarket chain Sainsbury's.
COMMENTS? mfahy@crain.com
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