Whittard of Chelsea, the 122-year old purveyor of teas, is said this morning to be teetering on the brink of administration.
From the BBC:
The Whittard of Chelsea chain of shops is understood to be close to calling in administrators after falling into financial difficulty.
The owners of the business, which sells tea, coffee and crockery, are actively seeking a buyer, a source close to the company said.
Ernst and Young had been lined up to act as administrators if needed, the source added.
The chain, which is owned and backed by Iceland’s Baugur and Landsbanki respectively, has it seems, been ‘on the brink’ for a while. From yesterday’s Independent:
The tea and coffee chain had received up to five bids from potential purchasers by 12 December, but it is understood that not one of them was willing to meet its initial asking price. Up to two trade buyers and the restructuring specialists, Hilco and Gordon Brothers, had been involved in the bidding process, but a sale did not materialise.
No surprise then, that Whittard’s web site this morning is festooned with the following sale sign.
Related link:
500 jobs in peril as buyers shun Whittard – The Independent