Somerset-based Wyke Farms has been announced as a finalist in the South West England and South Wales region of the Bank of Scotland Corporate £35 Million Entrepreneur Challenge. The independent cheesemaker and milk processor will now compete with four other entrepreneurs to secure a stunning £5 million funding package, free of interest and charges for three years.
Managing Director and third-generation family member, Richard Clothier, must now present his business case to a judging panel featuring two well-known and incredibly successful entrepreneurs. Jim French from Flybe and Ron Jones from Tinopolis will be joined by senior representatives from Bank of Scotland Corporate and Deloitte. The panel will question Richard and the other finalists on their future business plans, as well as looking for someone with the entrepreneurial flair, spirit and vision that sets them apart from the rest and makes them an outstanding choice to receive the once in a lifetime funding package that could change the face of the business.
The judging process will take place on Thursday 16 October and will be followed that evening by a dinner and award ceremony at Bath Guildhall, where the winner will be announced.
Wyke Farms Ltd is a family-run company based in the heart of the Somerset cheddar-making region where the Clothier family has been making cheddar to matriarch Ivy Clothier’s original secret recipe since 1902. With a century-old history, Wyke Farms is the largest independent cheesemaker and milk processor in the UK, producing over 12,000 tonnes of cheddar per year.
The Wyke Farms brand has experienced 63% growth year on year TNS Super Panel 52 w/e 10th August 2008 in 2008, making it the 4th largest and fastest growing brand in the category as well as the only independent company in the top 10 cheese brands. Along with its own herds of dairy cows, supplying 8 million litres annually, Wyke Farms also contributes significantly to the local economy by sourcing another 150 million litres of milk from 130 local dairy farms in the region.
Today Wyke Farms remains a traditional family business managed by Ivy’s son and four grandchildren, who share her passion for cheese making where flavour, texture and taste are paramount. If it is successful in the Entrepreneur Challenge, Wyke Farms will use the funding package to help finance additional stocks to meet the growing sales of its branded mature and vintage cheese as well as invest in an additional state-of-the-art cutting and packing plant.
Managing Director, Richard Clothier, commented: "Although we keep tradition and heritage close to our hearts, we are prepared to innovate within the cheese category in order to challenge the big PLC’s and become the largest brand in cheddar within the next two years. A £5 million funding package will help our family business from Somerset to quite literally eat the big fish and achieve our goal of becoming one of the biggest dairy brands in the UK."
Paul Jones, Director at Bank of Scotland Corporate, added; "Wyke Farms has a proud heritage but is also committed to the future and a £5 million funding package would allow Richard and the team to expand into one of the UK’s largest dairy brands. I’d like to wish Richard all the best as he prepares to face the judges and I’m sure he will impress them with his entrepreneurial spirit and vision of the future."
