Tea Venture Limited – liquidation

Tea Venture Limited, trading as Noveltea, which was promoted as the world’s first premixed and ready to drink alcoholic tea, entered liquidation on 11 October. In 2018, the company’s founders appeared on the BBC series Dragon’s Den and rejected three offers, including a proposed £800,000 investment for 39% of the business. Over the past year, however, the business struggled to recover from the pandemic, and its revenues were significantly impacted by changes in consumer spending. One of the company’s largest customers also filed for insolvency this past summer. Steven Ross and Allan Kelly of FRP Advisory were appointed as Joint Liquidators.