These 2 Indian-origin cousins will soon make millions from Cake Shop in London

twitter-logo BusinessToday.In   New Delhi     Last Updated: May 28, 2018  | 21:16 IST
These 2 Indian-origin cousins will soon make millions from Cake Shop in London
Sukh Chamdal and Pardip Dass. Photo credit: The Sunday Times

The list of Indian companies making a mark in the western part of the world is long, and soon a new name will be added to it. Two Indian origin cousins, who started small with just a cake shop on Green Street in Upton park of London around 10 years ago in 2008, are preparing for stock market flotation in June. At the present valuation, both the cousins are set to take a massive windfall once they sell the stake in their company, Cake Box. According to an estimate, the cake shop company could soon be valued around 50 million pounds (around Rs 448 crore).

How come a small cake shop went on to become Britain's one of the fast-growing cake shops? The rags to riches story of Cake Box owners, Sukh Chamdal, 56, and Pradip Dass, 46, reflects the Indian ethos of determination and hard work. For these businessmen, the big dream is to have over 250 Cake Box stores across the globe. It is indeed set to become a reality as they prepare to raise money through stock market valuation.

Since the company, through its finest quality 100 per cent egg free cakes, have touched millions of lives across the UK, it was recently featured on The Sunday Times Fast Track 100 list of Britain's fastest-growing private companies.

"In 2008, we opened our very first Eggfree Cake Box store, and now 10 years later we are pleased to announce that we are opening our 90th branch in the UK.  We plan to open another 30 stores in the next twelve months. Our aim is to have at least one Eggfree Cake Box branch in every major town across the UK," says the company.

The cousins would sell 40 per cent of shares once the company is listed on the junior AIM market on the London Stock Exchange, for which Cake Box has roped in broker company Shore Capital, which could value the company between 40 million pounds and 50 million pounds (around 448 crore).

According to PTI, Chamdal, a former chef, got the idea for the business when his daughter asked for a cake that did not have eggs in it. "All of our products are 100 per cent egg free. The founders of Eggfree Cake Box follow a strict lacto vegetarian diet, and that is how they came up with idea for Cake Box," says the company. In terms of the total revenue, the company earned over 12.8 million pounds in FY17-18. The company said its franchises would get around 9 per cent of its shares at discount rates once it floats the business.

 

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