Will Chase is about to sell off his business in a deal that will make him a multimillionaire. Mr Chase has been meeting private equity executives in London with a view to selling off a sizeable chunk, and perhaps all, of Tyrrells Potato Chips, which have become the snack of choice in gastropubs and delicatessens across Britain. A price of £40m has been agreed, according to one source in the negotiations.
Realising such a price would be a huge coup for Mr Chase, who founded Tyrrells in 2002 when he found he could no longer make enough money from the potatoes he grew on the family farm. The sale could also enable Tyrrells, which is based at Stretford Bridge, near Leominster, to compete with the leading crisp brands, such as the market leader Walkers, which is owned by the US food giant PepsiCo.
Tyrrells' managers are understood to have been in lengthy talks with the private equity firm Langholm Capital about the sale of a substantial stake in the company. The £40m price tag is said to have been agreed in principle, though negotiations are not expected to be concluded for several weeks. For so long a commercial underdog, Mr Chase has appeared to be keen this year to sell part – or all – of his equity in the firm.
At present the snack-maker – whose 10 main flavours range from sea salt to spicy jalapeno chilli – markets itself as an independent brand and counts Harrods, Fortnum &Mason and Selfridges among its 6,000 independent retailers. It also supplies Waitrose on account of its reputation of dealing fairly with small businesses, something which was important to Mr Chase because of the struggle he had had selling potatoes before Tyrrells took off.
