Baker Finsbury 'set to rise' with Lola's Cupcakes deal

A baker has hailed an “exciting milestone in its growth trajectory” after completing a cupcake maker deal.

Finsbury Food Group has bought a majority stake in Lola’s Cupcakes.

The move represents Cardiff-headquartered bread, cake and morning goods maker Finsbury’s first foray into the direct-to-consumer market, with bosses saying it provides “significant potential for growth and innovation”.

Complementing online sales with nearly 50 kiosks and collection lockers, London-based Lola’s Cupcakes generates annual revenues of £25 million and employs about 400 people.

Under the terms of Finsbury’s deal, it will continue to be led by managing director Asher Budwig.

John Duffy, Finsbury Food Group chief executive, said: “This represents another step forward in our acquisition journey as a buy-and-build business.

“Lola’s is an entrepreneurial and much-loved UK brand with a strong digital presence, and we see significant potential for growth and innovation.”

Asher added: “I’m thrilled to be working with the Finsbury team on the next chapter of Lola’s story.

“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.”

Finsbury moved from public to private ownership in 2023 when Isle of Man-based asset manager DBAY Advisors bought the business.

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