Whittard turns the corner with a 42% rise in profits
Whittard of Chelsea, one of UK's largest tea retailers, posted a healthy rise in annual sales and profits, as the franchise continues its turnaround following a major restructuring six years ago. Annual profits jumped from £1,4 million a year ago to £2 million, while overall tea sales rose by 16%. International sales, originating from retail operations in 35 countries, grew by 30%. The company was sold to a private equity firm after filing for bankruptcy protection in 2008. Since then, the number of stores in the core UK market was trimmed from 130 to 55, as Whittard refocused efforts on the international market.