Myprotein Explained

Myprotein
Logo Alt:Myprotein logo
Producttype:Bodybuilding supplements, athleisure
Currentowner:THG plc
Origin:United Kingdom
Introduced:2004
Markets:Worldwide

Myprotein is a British bodybuilding supplement brand which has developed into a family of brands, including Myvitamins, Myvegan, MyPRO and MP Activewear. It was founded in 2004 by Oliver Cookson and bought by The Hut Group in 2011.[1] [2]

History

Myprotein was founded in 2004 by Oliver Cookson and acquired by British e-commerce company, The Hut Group, in June 2011.[1] [2]

In December 2015, Myprotein announced an agreement with Kentucky Cabinet for Economic Development to build their first production facility outside the UK in Bullitt County, Kentucky. Myprotein (registered as Cend Limited) invested $17 million to rent a production and distribution facility that planned to create 350 new jobs in the region.[3]

Sponsorships

Myprotein has partnered with various competitive sports teams from across the UK and Canada.

Controversies

In 2014, The Hut Group sued Oliver Cookson for £15 million, alleging that he and his off-shore trust had overstated the profits of Myprotein prior to its acquisition by The Hut Group in 2011. 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 awarding Cookson an overall net result win of £6.5m in damages.[12] [13]

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 Cookson and the Trust.[14]

Cookson and the Trust appealed the court's decision to award The Hut Groups damages.[15] The court of appeal dismissed the appeal on 22 March 2016.[16]

Notes and References

  1. News: Business big shot: Oliver Cookson of Myprotein.com. Pitel. Laura. 2011-06-02. The Times. 2018-08-14. en. 0140-0460.
  2. News: Hut Group buys Myprotein in £60m deal. 2011-06-01. Manchester Evening News. 2018-08-14.
  3. Web site: New Manufacturing Facility, Athletic Supplement Producer Cend LLC to Create 350 Jobs in Bullitt County. whereopportunityknox.com. en-US. 2018-08-14. https://web.archive.org/web/20180814232539/http://whereopportunityknox.com/new-manufacturing-facility-athletic-supplement-producer-cend-llc-to-create-350-jobs-in-bullitt-county/. 2018-08-14. dead.
  4. News: My Protein St.Helens R.F.C.. Cultivate. 2015-01-26. St.Helens R.F.C.. 2018-08-14. en-GB.
  5. Web site: Wolves wire up with Myprotein.com. Warrington Guardian. en. 2018-08-14.
  6. Web site: London Broncos Rugby League #WeAreLondon » London Broncos join forces with MYPROTEIN. londonbroncosrl.com. en. 2018-08-14.
  7. Web site: Myprotein to fuel the Sharks. salesharks.com. en. 2018-08-14.
  8. Web site: Burnley Football Club - My Protein. www.burnleyfootballclub.com. en-gb. 2018-08-14. https://web.archive.org/web/20180905053127/https://www.burnleyfootballclub.com/fans/my-protein/. 2018-09-05. dead.
  9. News: Myprotein become Nottingham Forest's official performance supplement supplier. 2018-08-14. en-gb.
  10. Web site: University of Nottingham Sport announce new sponsorship deal with leading nutrition brand Myprotein - The University of Nottingham. www.nottingham.ac.uk. en-GB. 2018-08-14.
  11. Web site: 2023-10-20 . Williams F1 team lands multi-year partnership deal with THG . 2023-11-04 . . en.
  12. http://www.bailii.org/ew/cases/EWHC/QB/2014/3842.html "The judgment by The Hon Mr Justice Blair - The Hut Group Ltd v Cookson", England and Wales High Court (Queen's Bench Division) Decisions, 20 November 2014
  13. http://www.thebusinessdesk.com/northwest/news/696115-cookson-and-the-hut-both-claim-victory-after-high-court-row.html "Business Desk article - 21 November 2014
  14. https://www.dwf.law/MediaCentre/Press-Releases/2015/February/17-feb---Costs-awarded-in-the-Hut-Group-Ltd-v-Oliver-Cookson-Barclays-Private-Bank-Trust-Ltd "Costs awarded in The Hut Group vs Oliver Cookson & Barclays Private Bank & Trust Ltd - Press Release by DWF
  15. Web site: Permission to appeal granted in High Court case between The Hut Group Ltd and Oliver Cookson and others. DWF.LAW. 17 April 2016.
  16. Web site: Deals/Restructuring / Deals List / The Hut successfully defends court appeal by Cookson - TheBusinessDesk.com. 17 April 2016.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Myprotein".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.