Britain's Supreme has bought out loss-making tea brand Typhoo Tea from administration in a 10.2 million pound ($12.94 million) deal, the fast-moving consumer products seller said on Monday. The 120-year-old tea brand had fallen into administration in November due to declining sales and mounting debt pressures.

Supreme said it is acquiring British tea brand Typhoo Tea for 10.2 million pounds ($13 million). The London-listed consumer-goods distributor on Monday said that the transaction is expected to enhance adjusted earnings,