Two Indian-origin cousins are geared up for a gigantic bonus as their London-based cake business set up for a stock market flotation next month.
Sukh Chamdal, 56, and Pardip Dass, 46, launched the first Cake Box store at Green Street, Upton Park, a decade ago and currently with up to 70 branches across United Kingdom.
According to report in The Sunday Times, Cake Box aspires to open two or three stores each month with a target of 250 in whole.
Cake Box has chosen the adviser Shore Capital to advice on the listing, which will see the business float on the junior Alternative Investment Market on the London Stock Exchange.
The company value is anticipated to be at amid 40 million pounds and Great British Pound 50 million pounds while Chamdal and Dass will be selling 40 percent of their shares. The cousins will hold on to the residual 60 percent.
Chamdal, a former chef, acquired thought of starting the business whilst his daughter solicited for an egg-less cake. The entire Cake Box products are egg-less that are apposite for vegetarians. Consumers can choose to have personalized messages iced onto an unsullied cream cake.
The Cake Box has named as the Britain’s fastest growing private companies in The Sunday Times Fast Track 100.
It made proceeds of 12.8 million pounds in the year to the ending of March. Franchisees will possess 9 percent of shares, offered to them at an economical rate when the business floats.
By Sowmya Sangam
