Fame & Fortune:Tyrrells Crisps founder William Chase

William Chase founded Tyrrells Crisps in 2002 and gained £30m when he sold it last year. He now runs Chase Distillery, a vodka producer based in Herefordshire. 

 By Emma Wall

HOW DID YOUR CHILDHOOD EXPERIENCE INFLUENCE YOUR ATTITUDE TO MONEY?

My parents were farmers so we were asset rich but cash poor. I went to a private boarding school, but my godfather was on the board, so I managed to get a subsidy. Other people's parents had smart cars and mine would pick me up in an old van.

When your parents are living for the business, you don't have luxuries at home because any spare money just got put back into the business. I have always had the same sort of attitude.

I was a very difficult child. I was never happy – wherever I went to school. I'd much rather be home on the farm doing things. I was very stubborn and always wanted to do my own thing.

DO YOU THINK IT IS THOSE QUALITIES THAT MAKE A GOOD ENTREPRENEUR?

When I look at other entrepreneurs we're all the same – hungry. I think there are people who are satisfied with what they've got and there are people who aren't.

My sisters used to say to me, you'll never be happy whatever you have. I always used to feel there was something bigger, something better in life – more exciting.

WOULD YOU DESCRIBE YOURSELF AS CAUTIOUS OR LIBERAL WITH MONEY?

I think money is there to make life possible. People say money cannot buy you happiness, and I would have agreed with that for years, but I think now it does actually. We live in a very materialistic world. But I am sensible with it, I try to buy things that don't depreciate.

HAVE YOU EVER BEEN ON THE BREADLINE?

When I was about 20, my mother died. After a few years my father lost interest in the farm, so I had to buy it off him. I had to borrow £200,000 to do so and I struggled for a few years after that. I had no business experience and I was paying people's wages.
After 10 years, my partner – who was my father-in-law – had money troubles and had to withdraw his support, which resulted in me going bankrupt. It was pretty dreadful at the time, but it did teach me a lot. Knowledge is worth more than money.

HOW DID YOU GET YOUR LIFE BACK ON TRACK?

I already had contacts in the potato world, so I started trading potatoes. It was tough. I was almost suicidal I was so desperate. But in hindsight, it taught me to make every penny count. For every 50p I invested I had to get £1 back. It was a good age to learn that lesson.
We all think we can make money in our twenties, but it happens very rarely. It's only in your forties, once you've had hardship, that you learn how to make it work.

NOW THAT YOU DON'T HAVE TO PUT EVERY POUND BACK INTO THE BUSINESS, ARE YOU INVESTING IN OTHER THINGS?

The best way to make a stock go down in the past was if I bought it. I invested in Woolworths and that promptly went from £50,000 to nothing.
I don't speculate any more, but I do buy stocks where I have a personal knowledge of the company or the people behind it.

WHAT IS YOUR PENSION PROVISION?

My pension plan is only worth about £100,000 after 30 years of saving. I believe if you own your own business that is your pension.
I also have a portfolio of three farms, and although they don't make a lot of money the land they are on has increased in value.

WHY DIDN'T YOU RETIRE AFTER YOU SOLD TYRRELLS CRISPS?

A lot of people thought that after selling I could just stop working. But to be honest with you it was a shock. You spend your whole life working so hard and then there's nothing to do. It got very boring. I would never retire.
I think we've got it all wrong in this country. Years ago people physically worked, so they had to retire at 60. People who enjoy their work shouldn't be made to retire. It's not surprising a lot of men snuff it after they stop working.
The human body and brain, it's use it or lose it. You have to have something to get you up in the morning.

WHAT HAS BEEN YOUR BEST BUY?

My best investment is my children. Other than that, it's all the projects that didn't work. Without those bad times I would never have been able to set up Tyrrells Crisps.

AND YOUR WORST FINANCIAL DECISION?

I don't have any investments that I am that disappointed with, other than Woolworths.

HOW DO YOU PAY FOR THINGS? CASH, CREDIT OR DEBIT CARD, OR CHEQUE?

I like debit cards. I don't like credit cards. I think if you can't afford it, you shouldn't have it.

ARE YOU A GENEROUS TIPPER?

I am a great believer in tipping for service. If service is fantastic, and the money goes directly to the person who has provided that service, then I am generous.

DO YOU GIVE TO CHARITY?

When you have a successful company, you get approached by a lot of charities. I think to do a charity justice you should choose just one or two and support them properly. A lot of companies just pick a charity for the PR, but I like to find ones that are efficient with their money. I have supported Haven because I feel they do the most with the money they raise.

WHAT IS YOUR FAVOURITE FLAVOUR OF CRISPS?

I like them with nothing on – so you can taste the potato.