Speciality bakery manufacturer Finsbury Food Group has announced the acquisition of a 70% stake in the cupcake brand Lola’s.
The acquisition signals Finsbury Food Group’s entry into the direct-to-consumer market. Lola’s runs an online platform alongside kiosks and collection lockers throughout London, generating annual revenues of £25 million, according to the company.
The CEO of Finsbury Food Group, John Duffy, 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.”
Lola’s will remain under the leadership of managing director Asher Budwig, while benefiting from Finsbury’s wider commercial expertise.
Asher Budwig, Managing Director of Lola’s, 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.”