Achieving sustainable growth: How Forty Thieves scaled from start-up to international success

Growth is challenging for any business, but it can be especially tough for start-ups in New Zealand’s competitive fast-moving consumer goods (FMCG) industry. For Hibiscus Coast nut butter company Forty Thieves, the key to success has been prioritising sustainable growth while staying true to the brand’s core values.

Since launching Forty Thieves in 2016 with a small batch of handmade nut butters, husband-and-wife team Shyr and Brent Godfrey steadily progressed from farmers’ markets to supermarkets and eventually to international expansion, all while maintaining a focus on their core values and overarching mission: fuelling everyday adventures.

Forty Thieves’ growth journey

Shyr and Brent launched Forty Thieves with a vision to produce high-quality, health-focused and delicious nut butters. Their early production runs were modest, with small batches of nuts roasted by hand, and in-person sales predominantly at farmers’ markets and food shows.

Their first breakthrough came when Farro Fresh started stocking their products. Shyr and Brent continued to approach independent retailers, but it became clear that to achieve the success they wanted in New Zealand, they needed to target the big supermarkets. This was where their resilience and determination truly shone. After multiple pitches, Forty Thieves was picked up by Foodstuffs and eventually Woolworths.

“We stayed positive, kept pushing, and tried not to get disheartened when people told us no,” says Shyr.

Today, Forty Thieves products are sold in approximately 500 supermarkets across Aotearoa and in Singapore, Taiwan, and Malaysia. They have won multiple food awards, including a gold medal at the Outstanding Food Producers Awards earlier this month for their Peanut Butter Crunchy. They entered their first business award last year, receiving Most Outstanding Established Business and Supreme Winner at the David Awards 2024.

Creating products that solve a problem

Forty Thieves’ journey has not been without its challenges. Soon after launch, Brent and Shyr discovered that some of their self-described ‘niche’ flavours weren’t achieving the market cut-through they’d hoped for. The solution came through market validation. After being frequently asked about 100% pure peanut and almond butter - not part of Forty Thieves’ original offering - Shyr and Brent realised they needed to expand their product line to meet market demand.

This led to the introduction of 500g jars of pure almond butter roasted with the skins on, a product not readily available in the market at the time. This, paired with affordable, high-quality peanut butter in the same size jars, opened up the market for Forty Thieves.

“It’s important for business owners to keep their ears open and listen to what the market wants,” says Shyr.


Shyr Godfrey, Forty Thieves Co-Owner and Divya Pahwa, BDO National Retail Sector Leader

Staying true to core values

As Forty Thieves has scaled, the brand has remained true to its values and purpose, something Shyr believes has been integral to its success.

“When you’re building a business, it’s important to find your ‘why’ early on,” she says.

Sustainability has been integral to the Forty Thieves ethos from day one. They use zero-plastic packaging, offset carbon emissions, and donate jars of ‘Second Chance’ nut butters to aid pest trapping. The team is also committed to producing quality, healthy nut butters free from additives, palm oil and GMO ingredients.

“Forty Thieves is a fantastic example of a family-owned business that has scaled sustainability while staying true to its core values at every step. We’re delighted to be supporting Forty Thieves as they continue on their growth journey,” says Divya Pahwa – BDO National Retail Sector Leader.

 

Tips for businesses looking to scale Seek efficiencies. As Forty Thieves grew from hand-roasting and blending to producing around 4,000 jars a day, the team needed more factory space and tools to scale production. By strategically investing in new machinery, they've significantly improved efficiency without compromising quality. Delegate tasks that distract you from your central focus. It’s common for business owners to take on multiple roles, but as the business grows, it’s important to know when to step back and hand over the reins. Forty Thieves now employs a team of 10 across production, packing and back office, allowing Shyr and Brent to focus on core business operations. Know your market. Whether you’re an FMCG business or in another industry, market validation is essential - early and often. Ensure your product or service meets a need and market it to your customers accordingly. Build a strong team. “People are the magic that make everything happen,” says Shyr. Think about the areas where you need additional support - whether that’s customer service, payroll, logistics, or marketing - and look for people who can fill those skill gaps and alleviate pressure. Seek support from your trusted adviser. BDO is proud to work with Forty Thieves as they navigate the FMCG landscape and continue their growth journey. To learn more about how we can support your business, contact your local BDO adviser or view our retail page.

For more information about outsourcing some of your business’s finance functions, learn more about BDO’s Virtual CFO services here.