“Given the delicate nature of this we are not in a position to comment any further,” said Mr McNulty.
He added that the “notice of intent” is to appoint accountancy firm EY to handle the process.
“This does not mean we are in administration,” he said, adding it was “an ongoing confidential process”.
The company’s losses widened to £38m from £9.6m in the year to the end of September 2023, which are the most recent results available. Sales fell to £25.3m from £33.7m.
Bristol-headquartered Typhoo Tea was founded in 1903 and is widely seen as one of the UK’s main tea brands, alongside the likes of PG Tips, Tetley’s and Yorkshire Tea.
Typhoo is majority-owned by private equity firm Zetland Capital.
It had been controlled by Indian conglomerate Apeejay Surrendra Group, which bought the business from Premier Foods in 2005.
Apeejay Surrendra offloaded its shareholding to Zetland in 2021.