 Whittard was hit by poor sales at the start of the year and Easter |
UK tea and coffee retailer Whittard of Chelsea has said it is in talks after approaches from possible suitors which could lead to an offer for the firm. The announcement came after shares in the company soared by more than 30% in London trading on Tuesday.
At midday, shares were up 29.6% at 122.5 pence, valuing the business at close to �29m ($51.2m).
In April the firm warned it had been hit by weak consumer spending at the start of 2005, with Easter sales down.
"The board is currently progressing talks and shareholders will be updated on further developments as appropriate," the company said on Tuesday.
In April it warned that "the adverse retail environment has proved difficult to counter", and that pre-tax profits for 2005 would be less than in 2004.
The company was founded by Walter Whittard in 1886 in the City of London and relocated to Chelsea in 1940 with the opening of the shop at 111 Fulham Road.
It has more than 100 shops across the UK selling a range of tea, coffee, and chocolate blends and related gifts.
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