Whittard of Chelsea is a British chain of shops selling

coffee Coffee is a drink prepared from roasted coffee beans. Darkly colored, bitter, and slightly acidic, coffee has a stimulant, stimulating effect on humans, primarily due to its caffeine content. It is the most popular hot drink in the world. S ...

tea Tea is an aromatic beverage prepared by pouring hot or boiling water over cured or fresh leaves of '' Camellia sinensis'', an evergreen shrub native to East Asia which probably originated in the borderlands of southwestern China and northe ...

and related products. It was started by Walter Whittard in 1886, and remained in his family until 1973. In 1996 it was

float Float may refer to: Arts and entertainment Music Albums * ''Float'' (Aesop Rock album), 2000 * ''Float'' (Flogging Molly album), 2008 * ''Float'' (Styles P album), 2013 Songs * "Float" (Tim and the Glory Boys song), 2022 * "Float", by Bush ...

ed on the

Alternative Investment Market AIM (formerly the Alternative Investment Market) is a sub-market of the London Stock Exchange that was launched on 19 June 1995 as a replacement to the previous Unlisted Securities Market (USM) that had been in operation since 1980. It allows ...

, and expanded rapidly, building a chain of about 120 shops and several

tea room A teahouse (mainly Asia) or tearoom (also tea room) is an establishment which primarily serves tea and other light refreshments. A tea room may be a room set aside in a hotel especially for serving afternoon tea, or may be an establishment whic ...

s. It went

bankrupt Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debt ...

in 2008; more than fifty of the shops were closed, and the company was restructured into private equity ownership. The chain has more than fifty shops in the United Kingdom, and one in Taiwan.

History

The company was started by Walter Whittard, who opened a tea shop in

Fleet Street Fleet Street is a major street mostly in the City of London. It runs west to east from Temple Bar at the boundary with the City of Westminster to Ludgate Circus at the site of the London Wall and the River Fleet from which the street was na ...

in 1886, and remained in his family until 1973. In 1996 it was

ed on the

, and used some of the proceeds of the float to expand rapidly, building a chain of about 120 shops and several

s. It made heavy losses in an attempt to establish an internet sales business, which was closed down in about 2001. After further financial difficulties, it was sold to the

Baugur Group Baugur Group (; Icelandic: ) was an Icelandic investment company. The group began as a supermarket and general retail company in Iceland, before diversifying to own a number of businesses at its peak, primarily in the United Kingdom. Baugur was ...

, an

Iceland Iceland ( is, Ísland; ) is a Nordic island country in the North Atlantic Ocean and in the Arctic Ocean. Iceland is the most sparsely populated country in Europe. Iceland's capital and largest city is Reykjavík, which (along with its s ...

ic investment company, in 2005 for about £21 million. In the year to the end of March 2007, Whittard reported a loss of £3.2 million. Baugur went

in the

Icelandic financial crisis Icelandic refers to anything of, from, or related to Iceland and may refer to: *Icelandic people *Icelandic language *Icelandic alphabet * Icelandic cuisine See also * Icelander (disambiguation) * Icelandic Airlines, a predecessor of Icelandai ...

of 2008, and Whittards also went into

receivership In law, receivership is a situation in which an institution or enterprise is held by a receiver—a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights"—especially in ca ...

. It was sold to

Epic Private Equity Epic commonly refers to: * Epic poetry, a long narrative poem celebrating heroic deeds and events significant to a culture or nation * Epic film, a genre of film with heroic elements Epic or EPIC may also refer to: Arts, entertainment, and med ...

for £600,000. More than fifty of the shops were closed, and the company was restructured. In 2016 Whittard opened a tea-bar in its

Covent Garden Covent Garden is a district in London, on the eastern fringes of the West End, between St Martin's Lane and Drury Lane. It is associated with the former fruit-and-vegetable market in the central square, now a popular shopping and tourist si ...

shop.

References

{{Authority control Drink companies of England Retail companies established in 1886 Companies based in Oxfordshire 1886 establishments in England Companies that have entered administration in the United Kingdom