Nutty for nature

Pictured above: The Forty Thieves team.

In eight short years, Forty Thieves has gone from a small start-up to an established brand in the FMCG sector. The founders explain how they’ve grown their small business focused on healthy, sustainable nut butters through a commitment to quality, customer-centricity, and environmental responsibility.

Forty Thieves, co-Founded by Shyr and Brent Godfrey, is on a mission to fuel everyday and epic adventures. Established in 2016, the family-owned business creates healthy and sustainably-made nut butters. These provide daily nourishment for individuals and families striving for a positive, active and adventurous lifestyle. From hiking up mountains, to picnics on the beach, the team at Forty Thieves are true believers that their products are packed with the goodness needed to power every single day, tackle life’s challenges and unlock a better lifestyle. 

“Ali Baba and the Forty Thieves was the inspiration for naming our nut butters. It’s a tale of an enchanted cave filled with hidden treasure. The cave can only be unlocked with the famous passcode; ‘Open Sesame!’

“In our story the treasures are the nutrients hidden inside nuts and seeds. And when we turn them into nut butters, they’re healthy, delicious and versatile too,” says Shyr.

From humble beginnings on Auckland’s Hibiscus Coast, Forty Thieves has grown to be an established player in the fast-moving consumer goods (FMCG) sector, and has now been recognised as the Most Outstanding Established Business and Supreme Winner in The David Awards 2024.

A growth mindset

Successfully transitioning from start-up phase to an established brand is a significant achievement for any business. For Forty Thieves, it has been a gradual process rather than a sudden leap. “From day one, growth has been a driving factor for us and we’ve always looked ahead to where we want to be, feeling a sense of discomfort in the ‘now’. Looking back on our journey, I’d say the transition happened gradually, every time both Brent and I moved away from the different operational tasks within the business. This included production, packing, customer service and marketing/design execution,” says Shyr. 

She says that by moving away from a day-to-day hands-on approach they’ve been freed up to unlock new business opportunities, build relationships, strengthen the Forty Thieves brand and values, and find efficiencies in business processes.

The road to success hasn’t been without its fair share of challenges, particularly in breaking into the FMCG sector. “Success in FMCG is very much a volume game. With low margins, rising costs, strong competition, and high ROS expectations from our retail partners, we never anticipated how much peanut and nut butter we would need to sell every single day to ensure our business remains profitable and thriving,” says Brent.

He says that the team has had to work incredibly hard to expand their distribution network to over 500 stockists nationwide. “It’s a common misconception that everything changes when your products are ‘listed’ in major retailers. In reality, it’s the first of many, ongoing, ever-changing hurdles,” says Brent.

Successfully negotiating shelf space and ensuring prominent product placement requires constant engagement with stakeholders, but he and Shyr thrive on these challenges. Their proactive approach has allowed them to establish a significant presence in major supermarkets such as PAK’n SAVE, New World, Woolworths, and The Warehouse. 

“I have always enjoyed the challenge of persuading stakeholders like category managers and buyers why Forty Thieves deserves space on their shelves,” says Shyr.

This battle-hard mindset has meant expansion into international markets, including Singapore, Taiwan, and Malaysia – “a great volume driver too”, Brent adds. 

Forty Thieves is proudly one of the few nut butter manufacturers that still roasts, mills and bottles everything on site. “We employ an energetic and hardworking team and encourage a ‘give-it-a-go’ attitude. We operate with integrity and design our products with transparency and accountability,” says Shyr. 

By investing in state-of-the-art machinery they’ve been able to improve efficiency and the quality of their products – all with one focus in mind, their customers. 

This focus on continuous improvement and relationship-building has been crucial. Brent and Shyr are not only passionate about their products but also about their team and customers, ensuring that every decision aligns with their core values. “We’ve always put our customers first, prioritising their needs and maintaining a consistent product.”

Standing out in a crowded market

In a competitive landscape filled with various nut butter brands, Forty Thieves distinguishes itself with a strong mission statement: “Fuelling everyday and epic adventures.” Shyr says that Forty Thieves is incredibly customer-centric, putting its customers first, always.

“Knowing ‘why’ [and for who] Forty Thieves exists has ensured our product range is always unique, natural, simple, delicious, and incredibly nutrient-dense,” she says. This focus on quality is evident in their product offerings, which include Peanut Butter, Almond Butter, SuperFood, and Better-For-Kids nut butters. The ingredients list is refreshingly clean, devoid of palm oil, artificial flavours, and excess sugar.

The rising cost of living has impacted many FMCG brands, but Forty Thieves has adapted by focusing on customer needs. “With the cost of living rising, we’ve designed new products that are in line with what our customers can afford, while still prioritising their health and wellbeing.” By introducing simpler flavours and larger pack sizes, they have made it easier for families to access their nutritious products without compromising on quality.

A sustainable future

Sustainability is woven into the fabric of Forty Thieves. Their nut butters are packaged in zero-plastic materials, utilising recycled glass jars, metal lids, and FSC-approved paper labels. Additionally, they offset all their carbon emissions using the Toitū Carbon Assess Tool and support the restoration of native forests around New Zealand. “We operate with integrity and design our products with transparency and accountability,” Shyr explains.

Forty Thieves also engages in community support, donating over 800 jars of nut butter annually to schools, sports fundraisers, and charitable causes. Their innovative Second Chance nut butters help minimise food waste, as they repurpose surplus products to aid local initiatives like pest trapping in their local Shakespear Regional Park and supporting the Love Soup kitchen.

With the accolades from The David Awards 2024 under their belt, Forty Thieves is not resting on its laurels. Brent shares their vision for the future: “We have huge aspirations for Forty Thieves over the next few years… The next stage of our business will see us becoming a well-known household name in Aotearoa, New Zealand.”

Plans include entering two new export markets and launching a range of innovative products designed to surprise and delight customers. The founders are confident that their core values will guide their growth while ensuring sustainability remains a priority.

For those looking to take the next big step in their business journey, Shyr offers this advice: “Create a positive culture that you want to be a part of. Take the time to understand what your purpose is. Delegate whenever you can and focus on strategy.” She emphasises the importance of maintaining a healthy work-life balance, encouraging other small business owners to prioritise movement and time outdoors to foster creativity.

The David Awards 2024 winner

Category: Most Outstanding Established Business + SUPREME AWARD

Company: Forty Thieves

Judges’ comments: “What made Forty Thieves stand out from the other contenders was the all-round achievements holistically across the business.”

Finalists: Applicable; Collab Developments; Stone Arrow; The Cozy Corner; The Social Collective; WPR

This article was originally published in the October 2024 issue of NZBusiness magazine. To read the issue, click here.