Finsbury Food acquires majority stake in Lola’s Cupcakes
The cupcake business trades from a network of 45 kiosks and collection lockers in high-footfall locations including at major London transport hub
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Finsbury Food Group has confirmed it has acquired a 70% majority stake in Lola’s Cupcakes, marking its entry into the direct-to-consumer market.
According to Sky News, the deal could value the cupcake chain at more than £25m.
The cupcake business trades from a network of 45 kiosks and collection lockers in high-footfall locations including at major London transport hubs, such as Waterloo and King’s Cross.
It generates annual revenues of £25m and employs around 400 people, operating from its Park Royal facility in London.
Following the takeover, it will continue to be led by managing director Asher Budwig, while “benefitting from Finsbury’s manufacturing expertise, scale and commercial reach”.
John Duffy, CEO of Finsbury Food Group, said: “Today marks an exciting milestone in the trajectory of Finsbury Food Group as we welcome Lola’s into the family. It represents another step forward in Finsbury’s acquisition journey as a buy-and-build business, allowing us to enter the direct-to-consumer market for the first time.
“Lola’s is an entrepreneurial and much-loved UK brand with a strong digital presence, and together, we see significant potential for growth and innovation across both Finsbury and Lola’s.”
Budwig added: “I’m thrilled to be working with the Finsbury team on the next chapter of Lola’s story. I’ve had the chance to get to know how the group operates, and I’ve witnessed its strength, breadth and capabilities first-hand.
“With Finsbury’s expertise in manufacturing, and the broader support of the group, I’m confident we can take Lola’s to exciting new heights by building on what we’ve already achieved and exploring new opportunities together.”
Lola’s Cupcakes was founded in 2006 by Victoria Jossel and Romy Lewis, who opened concessions in Selfridges and Topshop alongside a flagship store in Mayfair.
Sky said the deal will be the largest acquisition made by Finsbury Food since it delisted from the London Stock Exchange after being taken over in 2023. It is now owned by investment firm DBAY Advisors.
