Barry's Tea eyes up tinned food company

Barry's Tea, the privately owned Irish tea importer, has entered into exclusive talks to buy Batchelors, the Irish tinned-food business in a deal thought to be between €50m and €60m.

Batchelors, who hold approximately 58% of the baked beans market in Ireland, was earlier this year placed on the market by it's parent company UK's Northern Foods.

Although news of the takeover may come as a surprise to many in the food industry, it is believed that the Cork-based company is eager to diversify out of tea blending and distribution and regards the Batchelors brand as having substantial potential.

Barry's Tea was founded in 1901 and holds 34% of the Irish tea market, employing approximately 75 staff. Batchelors employs 280 staff in Dublin and Athy has an estimated annual turnover of €75m.