Whittard close to administration
Whittard of Chelsea, a British chain of tea shops, is near administration according to latest reports. The owners of the business, which sells tea, coffee and accessories, are actively seeking a buyer, while accounting firm Ernst & Young are already on standby as administrators. Whittard is owned by an Icelandic investment company Baugur and was purchased in 2005 for about £21m ($31.8m). Baugur was hit by turmoil in Iceland's economy earlier this year. Whittard, founded in 1886 by Walter Whittard, has 130 stores in the UK.