Wash the beetroot, remove the stalk and completely cover with cold water in a pot. Bring the water to a boil with the lid closed, turn down the heat and simmer the beetroot for about 45 minutes. Rinse beetroot with cold water, peel and chop coarsely. Leave to cool.
Puree the beetroot, cream cheese, creamed horseradish and the shallot with a hand blender. Then season to taste with salt and pepper.