Peter Walsh and Sam EmanuelTwo friends from Norwich who set up their own record label are celebrating after one of their flagship signings has reached number three in the UK singles chart.Further listening: Tinchy StryderPeter Walsh and Sam Emanuel

Two friends from Norwich who set up their own record label are celebrating after one of their flagship signings has reached number three in the UK singles chart.

Archie Lamb and Jack Foster, who are both 20, set up Takeover Entertainment in 2006 and signed London-based hip-hop/grime act Tinchy Stryder after meeting him at the Lava nightclub in Riverside.

This week, Tinchy Stryder has reached number three in the UK singles chart with his Take Me Back, which features hip-hop singer/songwriter Taio Cruz, after selling almost 38,000 copies in just a week.

The entrepreneurs, who were formerly students at City College Norwich, have already won major success after securing a deal with major label Universal to fund the artist's releases, and have expanded profits in the merchandising branch of their company, which has already netted thousands of pounds a month in t-shirt sales alone.

Mr Lamb, who lives on Claremont Road, off Newmarket Road, said: 'We are absolutely delighted and shocked. It's been a lot of hard work but it's starting to pay off. It has just been a rollercoaster week. We found out yesterday and Tinchy was on the chart show last night. I think it's a really big achievement as we started it ourselves, and it still hasn't sunk in yet.'

Tinchy Stryder said: 'I'm on cloud nine, in shock and so happy about the success in the chart! Working with Archie and Jack at Takeover has been great. As three we have come along way and achieved loads together. We're good friends and partners in our brand Star in the Hood Clothing. I'm looking forward to working with them for a long time and having a lot more success together.'

The team will also embark on a nationwide tour with Mobo award winning hip-hop group N-Dubz and will be performing at the University of East Anglia on Monday, March 30.

Mr Lamb, son of North Norfolk Lib Dem MP Norman Lamb, added: 'We have got a good relationship with N-Dubz's manager and thought the tour would make sense as they will be releasing a joint single soon, and Tinchy is up-and-coming and they are already through the door. We have got a lot of things in the pipeline.'

Last year, Tinchy Strider was nominated for a Mobo (The national Music of Black Origin) Award, for his video Stryderman, although missed out on the top prize.

But it was not the first taste of success the musical entrepreneurs have had with their hip hop act. They have already won major success with Tinchy Stryder after securing a deal with major label Universal to fund the artist's releases and have expanded sales in merchandising which already nets �6,000-a-month in T-shirt sales alone.

Further listening: Tinchy Stryder