March 31, 2020
Co-founders Gregory Goh and sister Gracia, who set up healthy snack business Cheeky P’s with the help of Newcastle University START UP back in 2018, have now struck a significant investment deal.
Originally from Sarawak, Malaysia, the pair of Newcastle University graduates swapped spreadsheets for snacks to bring their vegan, gluten-free and high in protein roasted chickpea nibbles to the market.
Their Cheeky P’s range of healthier snacks has secured deals with multiple national distributors, including North-East based Epicurium, to supply to health stores, convenience stores, farm shops and pubs around the UK, as well as being stocked by some major retailers including Ocado and Center Parcs.
As the company approaches its two-year anniversary, Cheeky P’s has struck an investment deal with Spanish food group Dacsa, along with a number of angel investors.
Gregory (27), who is based at the NatWest Accelerator Office in Newcastle, says the ‘significant’ investment will enable them to extend their product portfolio, grow the team and expand to more international markets.
Corporate lawyer Amy Wanless, from Newcastle-based law firm Muckle LLP, acted for Cheeky P’s, helping to deliver the multinational investment round.
Amy says: “Gregory and Gracia have built a brilliant business with huge growth potential and we were delighted to help. We were able to spend time getting to know the business and its goals to support them with some key strategic decisions in the build-up to the deal.
“Given just how tasty these healthy snacks are, I am sure the investments, together with industry leading support from Dacsa, will be a tremendous catalyst for growth and we’re excited to see the Cheeky P’s brand in even more shops and outlets in the near future.”
Dacsa is the leading dry corn milling company in Europe and it is a distinguished rice producer in Spain and Portugal with nine production plants in six different locations across Europe.
Cheeky P’s co-founder Gregory continues: “This investment will not only allow us to create new products, but with Dacsa on board we will have support beyond the financial investment to help accelerate growth to the next level.
“We can really focus on building our brand and expanding our product range to support the increasing appetite for healthier plant-based snacks. It is a rapidly growing market, to which our innovative products are ideally suited, and I am very excited about what the future holds for Cheeky P’s.
“Amy and her team at Muckle have been absolutely fantastic throughout this whole process. Her knowledge, expertise and strong advice have been invaluable in delivering this pivotal deal.”