Update: A Tea Company Teeters
In December 2004, we selected our 10 top celebrity entrepreneurs, a list that included Moby. At the time, the pop star had big plans for Teany, an iced tea company that grew out of a Manhattan cafe he'd started with ex-girlfriend Kelly Tisdale. The partners said they were on track to distribute the bottled tea nationally and franchise the cafes.
It was not to be. A second cafe opened in 2005 but was quickly shuttered. The bottled tea business also failed to make a profit despite sales of more than $1 million. In early 2006, Moby and Tisdale decided to dissolve the partnership. Tisdale took over the cafe, and Moby sold a controlling interest in the iced tea company to a private equity firm, White Knight Partners in New York City. Moby, who retains a minority stake in both companies, declined to comment, but Tisdale blamed Teany's problems on a lack of planning. White Knight's Scott Brady, who became CEO of the tea company in April, is renegotiating distribution contracts.