Page 62 - Introduction & Preamble

In October 2006 Tyrrells were approached by Tesco to

supply their products to the superstore. Chase refused.
However, Tesco had already sourced their products on the

grey market and listed Tyrrells at a discounted price.

Chase pursued the issue through the press and after an

overwhelming response from the media, Tesco’s announced

they were removing the product from their shelves.

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

Chase brand.