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[4]
Owner	The Hut Group[5]
Website	www.myprotein.com

Myprotein is a British manufacturer of sports nutrition products based in Cheshire, United Kingdom. Its range of 2,500 products covers health supplements and foods ranging from protein powders and vitamins to dietary supplements, protein 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.^[6]

Since 2011, it has been owned by The Hut Group.

History

Myprotein was first established in the UK in 2004 and was later acquired in June 2011 by The Hut Group.^[7] In 2010 it launched five more websites in Germany, France, Ireland, Italy, and Spain, and as of 2016 the firm has over 40 international websites in more than 20 languages and with more than 20 different currencies and payment methods. Myprotein uses The Hut Group's global internet retailing platform to scale its brand across the globe whilst retaining the majority of staff at its HQ in Cheshire.^[8] A manufacturing facility is in construction in Kentucky, USA,^[9] in order for the firm to ship goods faster within North America.

The Hut Group has recently commissioned a 1 million square feet warehouse. The £100m warehouse is located between Manchester and Liverpool.^[10]

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 overstatement of profit 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.^[11][12]

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.^[13]

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.^[14] The court of appeal dismissed the appeal on the 22 March 2016.^[15]

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.^[16] Oliver Cookson was advised by Altium Capital,^[17] Simon Lord,^[18] Andy Clarke^[19] and Phil Frame^[20] on the sale of Myprotein.com to The Hut Group.^[21] Altium Capital has also advised The Hut Group on various pre initial public offering fundraisings in April 2010.^[22][23]

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.^[24]

Sponsorships

Myprotein sponsors a range of athletes from all different types of sports disciplines, including Bodybuilder – Simeon Panda, Robert Niter, the World’s Strongest Man finalist - Terry Hollands as well as Professional Rugby League Club St Helens RLFC and Professional Football Club Burnley FC.^[25]

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.

Social Media

As of August 2016, Myprotein has more than 2 million social media followers across various social networks including Facebook, Instagram, Twitter and Snapchat.

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.^[26]

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.^[27] 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.^[28]

Myprotein achieved ISO9001 production certification in 2007 ^[29] and also have GMP (Goods Manufacturing Practice) and HACCP (Hazard Analysis Critical Control Points) accreditations.

See also

• The Hut Group
• Dietary supplement
• Bodybuilding supplement
• High-protein diet

External links

• Myprotein | Official Website

References