Will Chase, the potato farmer behind Tyrrells Crisps, could be set to reap millions of pounds in a deal rumoured to value the company at more than £20m.

Financier BDO Stoy Hayward has been appointed to carry out a strategic review after several approaches were made towards the company, including interest from a group of private equity firms.

It is understood Mr Tyrrell would stay with the business, which he set up in 2002, even if a share was sold to outside investors.

A spokeswoman for Tyrrells declined to comment on the speculation.