Page 22 - Tyrrells Chips

Glennans’ recorded sales of £6.7m in the year to 31 July 2010, with a
pre-tax loss of £42,000. It already had a presence in France which was

Tyrrells' largest export market. Tyrrells’ sales in France were up 40%
year-on-year, and US and Canada, two markets which Tyrrells had just
entered would present an opportunity for Glennans with its state- of- the

art and under-utilised manufacturing.

Tyrrells Marketing Director Oliver Rudgard said:

"We have plans to significantly grow both the Tyrrells
and Glennans brands. Therefore, we will ensure that
both sites are resourced to manage the exciting levels
of growth we foresee.”

"This acquisition means that we are configured to
accelerate our growth and our plan is to focus on that
to leverage and realise the full potential of both the
Tyrrells and Glennans brands. Our combined value at
retail sales value will be in excess of £100m by the end
of the next financial year, which will represent 50 per
cent growth."

INVESTCORP ACQUISITION

In early 2013 Langholm Capital which is backed by Unilever (consumer
goods) teamed up with corporate finance advisers McQueen to sell
Tyrrells. On 1st August 2013 Dubai-based luxury brands investor
Investcorp bought Tyrrells for £100m. Investcorp with a diverse portfolio
of ninety companies had acquired companies including Tiffanys and
Gucci.

With increasing affluence in the Far East snacks were seen as growing
in importance. The Tyrrells brand was thus seen as a likely candidate for
a private equity secondary buyout.