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Article: Typhoo on track with turnaround.(Letter to the editor)
- Article from:
- Grocer
- Article date:
- April 25, 2009
- Author:
CopyrightCOPYRIGHT 2009 William Reed Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Sir, We were deeply disappointed to read recent articles on Typhoo in The Grocer (4 & 11 April). Since Apeejay Surrendra Group acquired Typhoo Tea Ltd in October 2005, a number of changes have been required for us to operate independently away from its previous structure as a component of Premier. Operationally and financially we are on track with our turnaround plan, we have made good progress in 2008-09, which will be reflected in the results this year, and are confident our 2009-10 plan will deliver further improvements.
The declared covenant breach in our 2007-08 fiscal year had been discussed with the bank post year-end with no impact on the original loan ...