Premier Foods PLC agreed to sell its Typhoo and other tea brands to Indian conglomerate Apeejay Surrendra Group for 80 million pounds ($141 million). The British food maker said it will use the proceeds to pay down debt.
“It (Typhoo) is a great traditional British brand, but it is number three in the market,'”chief executive Robert Schofield told AFX News in a telephone interview. '”We thought we weren't the best people to take it forward for the next few years.” Premier had revealed it was in talks to sell the unit -- which also owns the London Fruit & Herb and Lift brands -- at the end of last month.