Typhoo Tea has been rescued by vape maker Supreme which will buy the company for £10m.
The 120-year-old teamaker fell in to administration in November as its sales slumped and debts rose.
The new owner said the deal keeps Typhoo “in British hands” but that manufacturing will be moved abroad.
Manchester-based Supreme makes the e-cigarette brand 88Vape and distributes nicotine and home products to supermarkets.
“Typhoo is such an iconic brand,” said Supreme chief executive Sandy Chadha. “I grew up with Typhoo. Drinking it and watching the ‘you only get an OO with Typhoo’ ads with Su Pollard from Hi-di-Hi. That was my era.”
He said the purchase was part of Supreme’s strategy to diversify the firm’s offerings. Although it does not currently own a tea brand, it does work with brands of soft drinks, gym supplements and multivitamin gummies.
This article was originally published at www.bbc.com
