Myprotein

Myprotein
Industry E-commerce, Sports supplements, fitness
Founded Greater Manchester, England (May 6, 2004 (2004-05-06))[1]
Founder Oliver Cookson[2][3]
Headquarters Northwich, Cheshire, England
Area served
 Worldwide
Key people
 CEO Andy Duckworth
Owner The Hut Group[4]
Slogan Fuel Your Ambition
Website www.myprotein.com

Myprotein is an English online retailer and manufacturer of sports nutrition products, based in Northwich, Cheshire. Its range of 1,500 products covers sports nutrition supplements and foods including protein powders, bars, and snacks. The majority of products sold by Myprotein are manufactured in-house and goods are shipped from their warehouse, located in Warrington, Cheshire.[5]

History

Myprotein was first established in the UK in 2004 and was later acquired in June 2011 by The Hut Group.[6] In 2010 it launched five more websites in Germany, France, Ireland, Italy, and Spain, and as of 2015 Myprotein has over 15 international websites and delivers to over 50 worldwide shipping destinations.

Ownership & litigation

Shortly after The Hut Group purchased Myprotein from entrepreneur Oliver Cookson in June 2011, Cookson was sued for £15 million with The Hut Group claiming overestimation affected the valuation of the company when they bought it. Cookson counter sued for £12.7 million claiming a breach of warranty and fraudulent misrepresentation. The matter went to the High Court in London in October 2014 and after a month-long trial judgement was given by William Blair in November 2014 giving Oliver Cookson an overall net result win of £6.5m in damages.[7][8]

At the costs hearing in December 2014, the judge awarded a payment of just under £7.5 million to be made by The Hut Group to Cookson and the Trust in respect of all of the claims and counterclaims in the action and one third of the costs incurred by Mr Cookson and the Trust.[9]

Oliver Cookson and the Trust have been successful in gaining permission to appeal the courts decision to award The Hut Groups damages, with the appeal to be heard in February 2016.[10] The court of appeal dismissed the appeal on the 22 March 2016.[11]

Cookson and his off-shore trust did not contest the High Court's findings that they had overstated Myprotien's profits; rather, the appeal focused on a very narrow technical issue, that the Hut Group was time-barred from bringing its claim.[12] Oliver Cookson was advised by Altium Capital's [13] Simon Lord,[14] Andy Clarke[15] and Phil Frame[16]on the sale of Myprotein.com to The Hut Group.[17]Altium Capital has also advised The Hut Group on various pre Initial public offering fundraisings in April 2010.[18][19]

Manufacturing

Myprotein has recently invested over £6 million in its manufacturing capabilities and supply chain infrastructure in both Warrington and in the USA.

In December 2015, Myprotein announced an agreement with Kentucky Cabinet for Economic Development to build their first production facility outside of the UK in Bullitt County, Kentucky. As part of the agreement, Myprotein (registered as Cend Limited) plans to create up to 350 jobs in the region, and will receive up to $2.6 million in tax incentives. [20]

Sponsorships

Myprotein sponsors a range of athletes from all different types of sports disciplines, including Bodybuilder – Simeon Panda, the World’s Strongest Man finalist - Terry Hollands as well as Professional Rugby League Club St Helens RLFC and Professional Football Club Burnley FC.[21]

Products & price

Myprotein has an informed sports range, which means that nutritional supplements and ingredients in this range have been tested for any banned substances by the anti-doping laboratory, LGC Sport Science.

Awards & recognition

Myprotein has earned several accolades and distinctions since its foundation. In 2007, it was voted Young Company of the Year at the prestigious Growing Business Awards, held by Real Business in association with Lloyds Bank and supported by the CBI.[22]

In 2009, Myprotein won the Regional Award for the Small to Medium Sized Business of the Year for the North West of England at the National Business Awards.

Additionally, in 2009 the Hut Group ranked 21st in the Sunday Times Fast Track 100 list, which recognizes Britain's 100 private businesses with the fastest growing profits and in 2014 and in 2015 they won this award.[23] Additionally, in 2009, Myprotein® won the Regional Award for the Small to Medium Sized Business of the Year for the North West of England at the National Business Awards.[24]

Myprotein achieved ISO9001 production certification in 2007 and also have GMP (Goods Manufacturing Practice) and HACCP (Hazard Analysis Critical Control Points) accreditations.

See also

External links

References

  1. ↑ https://web.archive.org/web/20040520011004/http://www.myprotein.co.uk/
  2. ↑ http://www.thesundaytimes.co.uk/sto/business/small_business/article1215281.ece
  3. ↑ http://realbusiness.co.uk/article/595-myproteincouk_moves_from_lockup_to_warehouse_in_four_years
  4. ↑ "Myprotein - The Hut Group - Attention To Retail". The Hut Group - Attention To Retail. Retrieved 6 March 2015.
  5. ↑ "Our Mission - Myprotein".
  6. ↑ "The Hut devours Myprotein.com". Retrieved 6 March 2015.
  7. ↑ “The judgment by The Hon Mr Justice Blair - The Hut Group Ltd v Cookson”, England and Wales High Court (Queen's Bench Division) Decisions, 20th November 2014.
  8. ↑ “Business Desk article - 21st November 2014.
  9. ↑ “Costs awarded in The Hut Group vs Oliver Cookson & Barclays Private Bank & Trust Ltd - Press Release by DWF.
  10. ↑ "Permission to appeal granted in High Court case between The Hut Group Ltd and Oliver Cookson and others". DWF.LAW. Retrieved 17 April 2016.
  11. ↑ "Deals/Restructuring / Deals List / The Hut sucessfully defends court appeal by Cookson - TheBusinessDesk.com". Retrieved 17 April 2016.
  12. ↑ "Annual Returns up to end of 2015". Companies House.
  13. ↑ "Myprotein's Advisers".
  14. ↑ "Simon Lord".
  15. ↑ "Andy Clarke".
  16. ↑ "Phil Frame".
  17. ↑ "Myprotein". Retrieved 17 April 2016.
  18. ↑ "The Hut Group Ltd". Retrieved 17 April 2016.
  19. ↑ "The Hut Group Ltd". Altium Capital. Retrieved 17 April 2016.
  20. ↑ http://www.areadevelopment.com/newsItems/12-22-2015/cend-production-facility-bullitt-county-kentucky762334.shtml
  21. ↑ "Myprotein Ambassadors".
  22. ↑ "MP is voted the "National Young Company of the Year 2007".
  23. ↑ "2009 Fast Track 100 league table - UK". Retrieved 6 March 2015.
  24. ↑ "Myprotein - About us".
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