Whittard of Chelsea sold off
Whittard of Chelsea sold off
Wednesday 24th December 2008
Whittard of Chelsea was sold off yesterday, after going into administration.Administrator Ernst & Young was called in and the tea and coffee seller was quickly sold off to private equity firm EPIC for an undisclosed sum.
Whittard ran into trouble when Icelandic owners Baugur failed to find a buyer in October, and the chain's bank Landsbanki withdrew credit lines.
It is uncertain though how many of the firm's 950 employees and 130 stores will remain as Whittard looks likely to undergo some kind of restructuring. The deal also covers Whittard's wholesale division Boaters Coffee Co.
An Ernst & Young statement read: "The business will continue to operate as a going concern, and all stores will remain open.”
The firm was established in 1886 by Walter Whittard on Fleet Street. In 2005 it was sold to Baugar for £21.5 million.
Angela Swarbrick, joint administrator at Ernst & Young, said: “Whittard of Chelsea and Boaters Coffee Co have been experiencing trading difficulties because of uncertain economic conditions; this has unfortunately resulted in the companies being unable to trade outside of Administration.
“Fortunately a deal was able to be done that sees the businesses of the Companies able to continue to trade and the Whittard of Chelsea name, with it’s 122 year heritage, remain on the high-street”
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