Tea was introduced to Sri Lanka by Brits during colonial era. Scottish planter, Mr. James Taylor was the first to try tea growing and manufacturing at commercial scale in this wonderful Island Nation, Sri Lanka (Colonial Ceylon). Thereafter many reputed tea planters like Sir Thomas Lipton (Founder of Lipton), Mr. John Sumner (Founder of Typhoo) started growing tea in Sri Lanka. Finlays is also one of the most reputed tea growing firms in Sri Lanka. As Finlays had reported on their official website, the company has agreed to sell its Sri Lankan Tea Estates business, that includes Hapugastenne Plantations PLC (HPL) and Udapussellawa Plantations PLC (UPL), to Browns Investments PLC. Browns Investments PLC will be obliged to make a mandatory offer to buy all outstanding shares in UPL and HPL. UPL and HPL comprise 30 tea estates and 20 tea manufacturing plants that sit within six of the seven tea growing regions of Sri Lanka.

Browns Investments PLC is a reputed Sri Lankan firm and part of the LOLC Holdings PLC group companies. Headquartered in Sri Lanka, Browns Investments has a great track record in operating plantations in Sri Lanka. Browns owns Maturata Plantations, one of the 23 regional plantation companies in Sri Lanka consisting of 19 tea gardens which stretch across an area of over 12,000 hectares and employ a workforce of over 5,000.

There will not be an immediate change for any of the employees of either Hapugastenne Plantations PLC and Udapussellawa Plantations PLC and Browns plans to continue to run the business as it has been operated until now.

Finlays will continue to be represented in Sri Lanka by Finlays Colombo Ltd., company’s tea blending and packing operation that sources teas from multiple origins including Hapugastenne and Udapussellawa via the Colombo tea auctions.

Kamantha Amarasekera, Director of Browns Investments PLC mentioned. “Hapugastenne Plantations and Udapussellawa Plantations are two of the best managed and productive plantation companies in Sri Lanka and we are proud to be associated in their future journey. We will work with Finlays to ensure a smooth transition between the two groups. We warmly welcome the management and staff of Hapugastenne Plantations and Udapussellawa Plantations to the Browns family, which has a business heritage dating back to 1875.”

Guy Chambers, Group Managing Director of Finlays mentioned: “After careful consideration and a rigorous selection process, we have agreed to transfer ownership of our Sri Lankan Tea Estates to Browns Investments PLC. As a Sri Lanka based investment firm with a strong track record in agriculture, Browns Investments PLC is ideally placed to unlock the long-term value of Hapugastenne Plantations PLC and Udapussellawa Plantations PLC. These Sri Lankan farms have played an important role in Finlays’ history, and we are sure that they will continue to flourish under the ownership of Browns Investments PLC. I would like to thank our tea farm colleagues in Sri Lanka for their passion and commitment, and wish them well for the future.”

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References

Main Source: https://www.finlays.net/news/finlays-agrees-to-sell-sri-lankan-tea-estates/