A 63-year-old man has been arrested after hundreds of tonnes of cheddar cheese, valued at more than £300,000, was stolen from London cheese specialist Neal’s Yard Dairy.

On October 21, police received a report of the theft from the Southwark-based manufacturer.

The man was taken to a south London police station where he was questioned.

He has been released on bail pending further investigations, which are ongoing.

Fraudsters posing as legitimate wholesalers received the 950 cloth-bound cheeses from the Southwark-based company before they were discovered to be a fake company.

More than 22 tons of three artisanal cheddar cheeses (Hafod Welsh, Westcombe and Pitchfork) were collected, all of them award-winning and with a high monetary value.

Neal’s Yard Dairy sells Hafod Welsh for £12.90 for a 300g piece, while Westcombe costs £7.15 for 250g and Pitchfork is priced at £11 for 250g.

Neal’s Yard said it had still paid cheese producers so that individual dairies would not have to bear the costs.

It is now trying to cope with the financial setback, a spokesman said.