New pension regulations will cripple start-ups, warns Chase
William Chase, the Herefordshire-based businessman who created Tyrrells Crisps and Chase Vodka, has warned the government that loading start-up business with new pension legislation would endanger their success rate. The outspoken entrepreneur said the pension reform was “another example of this government not understanding how difficult it is for people to get businesses going”.
Chase said: “Cash is very tight for start-up businesses. We all know that banks aren’t lending enough. Loading start-ups with a new tier of pension expenditure, and the resultant administration, is a crippler really. You just don’t have the resources.
“If start-ups don’t survive there will be no pension pot for the employees. If they do survive that’s good for the economy and everyone. There is a huge difference in culture between a small start-up and a large company. People who work for small companies take ownership for that company, they multi-task and work hard for that company. People who work for large companies work for themselves, for big bonuses or whatever.”
Chase sold his flagship product, Tyrrells Crisps to a private equity company in 2008 for £30m. He then went on to invest £3m in distilling equipment to create Chase Vodka.
Chase Vodka, made on Chase’s farm in Herefordshire, was named the ‘Best Vodka in the World’ at the 2010 San Francisco World Spirits Competition, beating 249 rivals.
