- Friday, April 26, 2024
By: Radhakrishna N S
INDIAN origin owned Cake Box has recorded a pre-tax profit of £3.8m for the year to March, up from £3.3m registered last year.
The chain, which floated on London’s junior market last year has witnessed revenue growth of 33 per cent to £16.9m year-on-year basis.
Gross profit of the egg-free cake sellers climbed 41 per cent to £7.7m from last year’s £5.5m.
The business opened 27 more franchise stores in the year, pushing the total number of stores to 113.
Owned by the two Indian origin cousins- Sukh Chamdal, 56, and Pradip Dass, 46, Cake Box aims to open 250 stores in the long run.
The company successfully acquired two new production and distribution centres in the year to March to support its further growth.
Cake Box chief executive officer Sukh Chamdal said: “The new financial year has started well and we have already opened four new franchise stores, with two more expected to open before the end of June 2019. The Group is well placed for further progress and the Board is confident of another successful year of growth.”
Executive chairman of the firm Neil SachdevSachdev said: “In 10 years, we haven’t had a (store) closure…”
The retailer started its operation in 2008 and opened its first store.
