The Cheese Geek, an online artisan cheese retailer, was recently acquired by the Albex Group, thereby saving it from administration. This acquisition follows a troubled period for the company, which had been facing significant financial challenges despite being popular for its unique cheese offerings.
The Cheese Geek was first introduced to a wider audience during an episode of the BBC's Dragons' Den in 2022, where entrepreneur and investor Steven Bartlett secured an investment of £150,000 for a 5% stake in the company. Bartlett's involvement was a momentous occasion such that it marked his first investment on the show.
Founded in 2017 by Edward Hancock, The Cheese Geek quickly carved out a niche in the competitive food retail space, selling a variety of craft cheeses from local artisans through an online platform as well as in stores such as Sainsbury's. Despite this, the venture encountered a storm of financial setbacks, accumulating total losses of approximately £3 million against revenues exceeding £4.5 million, as reported by The Grocer.
With Bartlett's investment, which amounted to 16,427 shares via his private equity firm Catena Capital, it was initially projected that the funds would be returned within two years, creating high investor expectations. However, the company faced hurdles that ultimately led it to seek the support of The Albex Group on March 21, 2025.
Albex Group, a family-run consortium that specializes in food ingredient processing and distribution, recognized the potential in The Cheese Geek and stepped in to facilitate the acquisition through a pre-pack deal. Under this new arrangement, the company aims to stabilize its operations and continue its important mission of supporting local artisan cheesemakers. Andrew Dalglish, a director at Albex, commented on the acquisition saying, "Cheese Geek’s mission to support local artisan cheesemakers and make great cheese accessible is an important one. We’re delighted to be able to support it. Our funding gives them the stability needed to continue operating and more."
The acquisition also allowed for the existing team to remain intact, with Edward Hancock continuing to lead The Cheese Geek. Despite its prior financial experience, the company is optimistic about the future. "From a day-to-day perspective, it’s very much business as usual at Cheese Geek," remarked Hancock. "They’ll continue to fulfill orders uninterrupted and provide great service. And they’ll continue to partner with a core group of artisan cheesemakers."
The corporate collaboration is intended not just to save the company but also to expand its potential. Already, there have been discussions of significant investments designed to further develop new projects within The Cheese Geek.
In 2023, prior to the acquisition, The Cheese Geek had also raised £421,000 through a Crowdcube campaign to fund its expansion into physical retail spaces. This includes launching a new range of artisan cheeses in Sainsbury’s that year, showcasing the brand’s ambition to grow beyond online operations.
Following the acquisition, questions remain about the implications for Bartlett's investment. Although his financial support was critical to the company's journey thus far, the pre-pack deal leaves him and other investors without a return on their contributions. Bartlett, the youngest Dragon to grace the show, has made over 20 investments since joining Dragons' Den, but he expressed disappointment regarding the Cheese Geek financial situation.
Reflecting on the ups and downs of the last few years, Hancock stated, "We have had some incredible highs and lows over those years, as any founder will attest to as they try and scale a business from ground zero, and I am incredibly grateful to all of our shareholders who have supported that vision over the years. Our acquisition means we can continue this mission, with minimum disruption to any of our amazing suppliers or customers, down a slightly different path than we might have imagined.”
Through this new chapter, The Cheese Geek hopes to emerge stronger, fulfilling its original mission while navigating the challenges of the evolving food retail landscape. This acquisition not only underscores the ongoing challenges facing many small businesses but also highlights the supportive role larger groups can play in preserving innovative startups that contribute to local food culture.
