Page 46 - How not to cheat

Tyrrells Chips Outline

In 2000, after twenty years in farming potatoes, William Chase

was faced with potential business failure when McCains refused
his chipping crop. He looked for other avenues of activity which

freed him from the drudgery of a ‘captured supplier'.
With a strong desire to remain in farming he sought a solution to
his problem both, practical and psychological, and hit upon the

idea to turn his potatoes into chips.

Production started in July 2002, with four flavours. Tyrrells
homemade chips were an immediate success as customers
bought into the 'pedigree' of the product

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.

However, a majority stake in Tyrrells was acquired in mid-2008 by
private equity firm Langholm Capital for more than £30m.

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.

In March 2010 David Milner, the former boss of Kettle Chips,
Australia joined Tyrrells as the Commercial Director

His immediate priority was to improve distribution of the crisps in
the UK, which were then stocked in Waitrose, Sainsbury's and The

Co-operative Group.

However, tripling the size of the company in three years put
pressure on Tyrrells manufacturing. In 2012 nearly 30% of
Tyrrells’ sales came from outside of the UK. Within two years this

was expected to rise to 50%.