Tyrells hopes to take a bite out of US market
Tyrrells, the crisp brand made solely from Herefordshire potatoes, has agreed a deal with snack distributor Royal Food to expand in the US. By late summer, bags of Tyrrells will be on sale in 260 Duane Reade Drug stores in Manhattan.
The private equity-owned brand, which launched its British Red, White and Blue crisps this month, is also expanding into Russia and will look at India next.
Chief executive, David Milner, said the brand could be the "Mulberry of crisps" as overseas customers love its "Britishness". He added that Tyrrells' international business will double in the next financial year and he predicts the value of the brand to reach £100m.
Langholm Capital paid £40m for Tyrells four years ago. Profit in 2011 was £4.8m and on average has risen 24 per cent annually for the past three years.
The company was founded by William Chase, who sold his last shares in late 2010. He has criticised the way it has been run since, claiming it has gone downmarket, making less tasty crisps for mass consumption.
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