April 1, 2020 @ 15:42 by Richard Dawson
Two young entrepreneurs who started healthy snacks business, Cheeky P’s, are celebrating after securing a significant international investment deal.
Co-founders Gregory Goh and sister Gracia set up Cheeky P’s back in 2018 with the help of Newcastle University START UP.
Originally from Sarawak, Malaysia, the pair of Newcastle University graduates have spent the last two years bringing their vegan, gluten-free and high in protein roasted chickpea nibbles to market.
Cheeky P’s has deals in place with multiple national distributors, including North East firm Epicurium, to supply to health stores, convenience stores, farm shops and pubs across the UK.
The company’s products are also stocked by major online retailer Ocado, which recently set up a new communications hub in Sunderland.
Cheeky P’s has struck a major investment deal with Spanish food group Dacsa, along with a number of angel investors.
Dacsa is the leading dry corn milling company in Europe and a distinguished rice producer in Spain and Portugal, with nine product plants in six different locations.
The deal will allow Gregory and Gracia, who are based at the NatWest Accelerator Office in Newcastle, to extend their product portfolio, grow the team and expand into international markets.
Corporate lawyer Amy Wanless, of North East commercial law firm Muckle LLP, acted for Cheeky P’s in the multinational investment round.
Cheeky P’s co-founder, Gregory Goh, said: “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 Wanless, Muckle senior associate, added: “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.”