Aussie bloke’s $7 Coles item makes $540,000 in lockdown

A Melbourne bloke who quit his day job to pursue his simple idea had no idea he’d get it into a huge supermarket, turning him into a millionaire.

An Aussie bloke had no idea his obsession for peanut butter would end up turning him into a millionaire.

Nick Sheridan, 40, was living in London with his wife in 2013 when had a light-bulb moment.

“I was training for a marathon and trying to eat as clean as possible, so I started making my own peanut butter and experimenting with other nut butters,” Nick told news.com.au.

“I just wanted simple and delicious foods and because of my sweet tooth, I didn’t want to deny myself of that and follow a strict diet.

“Nut butter became a focal point for me – it’s natural, full of protein and an energy booster. “It was also around the same time the world’s appetite for clean, plant-based proteins started to grow rapidly, so I knew there would be interest in my creations.”

Nick Sheridan, 40, has made a whopping $540,000 in four months after his peanut butter range became a huge hit in Coles. Picture: Supplied

After returning to Melbourne from the UK, he quit his media job and focused on getting his chocolate peanut butter recipe down pat.

And that he did, with the product being sold in independent grocers across Melbourne the following year.

But it wasn’t until his brand – 99th Monkey – caught the attention of Coles in 2018 when things really started to pick up.

“Coles gave us a shot in a small format store in Surrey Hills (Melbourne) which was amazing for a small business to test their items and get such great exposure,” Nick said.

“But it was also quite intimidating because I was a journalist who took a punt and didn’t really know what I was doing to then suddenly being stocked in Coles – and it was like ‘where does it go from here’. I had to really face that impostor syndrome head on.”

Coles stocks his Natural Peanut Butter and Almond Cacao in 800 stores, while 200 Victorian stores stock two additional flavours. Picture: Supplied

Fortunately for Nick, his hard work and dedication paid off after Coles, to his shock, decided to stock two of his products (Natural Almond and Almond Cocoa Butter) in 800 of its major stores nationwide.

Over the past four months alone, Nick’s $7 items have resulted in $540,000 worth of sales, while last year he made a whopping $900,000.

The humble business owner said he is “so grateful” to the major retailer for giving him such an “amazing opportunity”.

However, while he has seen a huge spike in sales particularly during lockdown, it hasn’t come without its challenges.

Nick, a father-of-two, quit his job as a journalist to follow his dreams of starting a small business. Picture: Supplied

“Like everyone in the world, and particularly people with small businesses, the start of the Covid pandemic was a really scary time,” Nick said.

“While people weren’t panic buying high-end peanut butters as much as they were toilet paper, we still got a little bump in sales, but in April last year, it was crickets.

“Nothing happened to the point where we had to stop production for about two weeks.

“But thankfully it started to pick again and ever since then it hasn’t stopped.”

He went on to create 99th Monkey, with the Melbourne dad going on to become multimillion-dollar peanut butter baron. Picture: Supplied

Nick said his success comes down to the taste of his products.

“I honestly believe we make the most delicious nut butters in the world and I don’t just say that without validation,” the father-of-two said.

“We get that back from consumers and it’s how we make it too – we are a small manufacturer and we still make it ourself in small batches and have a very hands on process.

“We make and turn over the product very quick – by the end of the week it’s on shelves with that beautiful complete texture and freshness.”

His top seller in Coles is his Aussie Nutella alternative – Almond Cocoa Butter which only has four ingredients – roasted almonds, coconut sugar, cacao and cacao butter.

99th Monkey is now a full-time operation that pumps out around $1 million worth of nut-butters each year with Nick gearing up for the company’s next exciting challenge – announcing his plans for global expansion and new products.

“All our products are plant-based, gluten and GMO-free, and carbon neutral,” he added.

“As well as being carbon-neutral, we offset an additional kilogram of greenhouse gases for every kilogram of nut butter sold. That makes us one of the few climate positive food businesses in Australia.”

Originally published as Aussie bloke’s $7 Coles item makes $540,000 in lockdown