Page 7 - How not to cheat

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 in

excess of £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%.

In early 2013 Langholm Capital decided to undertake the

sale of 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.