Burts Potato Chips directors Nick Hurst and Jonty White have sold their shares in the Devon-based crisps company to existing investors.
The news follows the departure of Burts’ UK MD Melvyn Glynn in December following a failed management buyout bid, prompting speculation about the company’s future.
Existing shareholder and fine food importer Empire Foodbrokers, and Quinquevir, a shell company set up by the landlord of Burts’ site, have taken increased shareholdings.
Hurst and his family sold their shares but he will continue to have a non-executive role at the business as ‘founder director’. “After a successful 10 years on the management board I have decided the time is right to step down, while continuing to play a large part in the next phase of growth,” he said.
Former marketing director Jonty White sold his shares after a 12-month sabbatical. The business had “changed its direction” with a greater emphasis on own label and licensing agreements, which no longer matched his skillset, he said.