Cake Box has revealed it will expand its 122-strong franchise of egg-free cake stores with three new sites set to open in the second half of the financial year.
In its latest trading update, the chain's like-for-like sales in its existing franchises rose by 6.9%, and it expects overall sales for the period to rise 6% to around £8.8m against last year’s £8.3m.
The company's growth accelerated in the first half, with like-for-like sales already rising 6% faster than last year.
In March, to keep up with the growth, the company bought two warehouses in Bradford and Coventry for £1.4m.
Cake Box, which launched in 2008, added nine new franchise stores by the half-year point, opening in Dartford, Derby, and Slough. This compared to 15 openings in the same period in the previous year.
Chief executive Sukh Chamdal explained, “We have continued with our new store roll-out, opening nine in the period, This was slightly lower than the comparative period last year; however, we already have a further three stores fitted out and, once the final legal processes are completed, will be open for trading and so will be recognised in the second half.
Chamdal concluded, “With a strong pipeline of new stores to meet our opening targets and a number of other developments under way to improve the Cake Box proposition, we remain confident in our prospects for the full year and beyond.”
