Earlier this month, the firm filed a notice of intention (NOI) to appoint administrators and is currently collaborating with advisory firm Kroll. This move has raised significant interest within the food manufacturing sector.
In related news, FMCG firm Supreme has confirmed that it is “currently participating in a process regarding the potential acquisition of Typhoo Tea.” This potential acquisition underscores the dynamic landscape of the food manufacturing industry.
“Whilst discussions with the administrators are now at an advanced stage, there can be no certainty that the potential acquisition will be completed,” a Supreme spokesperson stated. This indicates the cautious approach being taken amid ongoing negotiations.
“No final terms of the potential acquisition have been agreed but the company can however confirm that any potential offer would be funded by Supreme’s existing bank facilities.” Such financial assurances may strengthen Supreme’s position in the acquisition discussions.
Supreme manufactures an array of products, including batteries, vapes, and soft drinks, supplying major retailers throughout the UK. Their broad portfolio positions them well within the competitive food manufacturing sector.
This news follows Typhoo’s report of a £38 million loss for the year ending September 2023. Consequently, the firm appointed former Burts Snacks boss Dave McNulty as its new chief executive, who confirmed after filing the NOI that the company was actively pursuing a sale.
