FROM SMALL THINGS
Forty Thieves was founded by Shyr and Brent Godfrey in their garage in 2016.
Both are keen runners and had always loved peanut butter, having used it as a source of energy for their exercise.
“That love of running, and the natural healthiness that peanut butter provides – the combination of the two just cemented well with me,” Brent says.
In the beginning, they thought there was already enough peanut butter on the market in New Zealand, so focused on other nut butters, and tahini-based spreads.
“But people just kept asking us about peanut butter,” Shyr says.
“So after a while, we thought, we've got all the machinery, we've got the peanuts, so let's just produce a pure peanut butter.
“People absolutely loved our extra crunchy texture, and the naturally sweet flavour.”
Six years later, their passion for peanuts and the demand of their customers has seen the start-up grow into a vibrant and successful business.
Forty Thieves now employs ten staff, selling more than a quarter of a million jars of nut butter each year in more than 400 stores across New Zealand and abroad.
That growth required a willingness to learn and adapt their business as it grew.
“Right from the start, we were keen to get all the help we could,” Shyr says.
“The small business workshops ANZ offered - especially around business and marketing plans - were excellent, and we got a lot out of them.
“It was also a huge help to have our card and account fees waived at the beginning - meaning we could keep our costs as low as possible while we focused on getting the business up and running.”
The support received by Forty Thieves was available to them under ANZ’s Business start-up package, which has seen a strong recent lift in sign-ups, following two years of Covid-19 disruptions.
Data from ANZ shows the number of start-up businesses registering with the bank is now higher than pre-Covid levels, with almost 13,000 signing up in the year to July 2022.
A record 1511 new businesses registered in March this year.
Lorraine Mapu, ANZ New Zealand’s Managing Director of Business Banking, says many of the country’s greatest business started out small – so it’s great to see a new wave of start-ups emerging.
“Covid was tough on many businesses and their owners, but now we’re seeing real strength and resilience from many of these companies.”
Like many New Zealanders affected by recent cost of living increases and high inflation, Forty Thieves has also seen its costs rise sharply.
“We've seen inflation creep up very quickly in the last few months, and our suppliers are starting to put the prices up, which means our margins are being squeezed,” Brent says.
The company has gone from paying 30 cents for each glass jar it uses, to now paying 53 cents.
“It's quite a big jump, but it's really hard to pass it on to the customer, because they are also feeling the same pressure,” Brent says.
During the pandemic, Forty Thieves saw a rise in the number of people buying from them directly through their website.
Shoppers also bought in bulk, with products like their 10kg pail of peanut butter - formerly sold mainly to restaurants or caterers - becoming increasingly popular.
“This made a lot of sense when Covid restrictions were in place and there were queues outside supermarkets,” Shyr says.
“But now, with the restrictions ended, our online sales volumes have remained strong - I think shoppers are seeking out the value that a bulk order gives them.”
Forty Thieves has also sought to lower production costs by investing in new systems and machinery.
“We're always looking ahead at how can we become more efficient, use more artificial intelligence, and rely more on machines to help us increase that output,” Brent says.
“We want to bring down the cost per unit so we’re able to survive, and thrive, into the future.”