Page 37 - Articulate Files

In late 2007 Tyrrells won £5million, in the form of an

interest-free loan, at the Midlands Final of the inaugural
Bank of Scotland Corporate £25m Entrepreneur Challenge.

Chase announced that half the cash would be spent on fast-

tracking his dream of developing the construction of a

vodka distillery with the vodka made from his potatoes and
with vodka distribution starting in 2008.The remainder of

the prize money would be spent on advertising to build

awareness of the overall brand.

However, a majority stake in Tyrrells was acquired in mid-

2008 by private equity firm Langholm Capital for in excess of
£30m. Over the following two years Chase saw the distillery

growing rapidly and thought that it was time for him to

focus all of his energies into developing this business.

At the end of 2010 Chase sold his remaining interest in the
business to Langholm Capital taking their stake to 90% with

the remaining 10% left in the hands of management.

Langholm Capital believed that they could build on the

- Strong sector growth driven by the consumer’s desire for

better quality food and authentic ingredients with

provenance.

- Strong independent distribution base with opportunities to

strengthen the breadth and depth of distribution to increase

availability.

In 2008 a spokesperson for Tyrrells said:

"Tyrrells will supply any customer from any trade sector,

whether it be retail, wholesale, independent or export,"