Egg-free cake supplier Cake Box has increased its estate by 28 sites in the past 12 months.
This record increase takes the number of the business’ franchise stores to 114, it has reported in a trading update for the full year ended 31 March 2019. Locations for the new sites included Harlow, Bury and Croydon.
Cake Box said like-for-like sales through its franchise stores had grown 6.5%, and it expected to report revenue for the period of around £17.1m when it announces its full results on 24 June. This would be a 30% increase on revenue compared to the previous year.
Launched in 2008 in East London, Cake Box supplies products that are all egg-free, which the company says enables it to target a larger potential market, including those unable to eat eggs for dietary or religious reasons. The business has a manufacturing site in Enfield, and last year listed on the Alternative Investment Market (AIM).
“Our first year as a public company has been an exciting one. We’ve achieved record revenues, opened a record number of stores and continue to see strong appetite for our unique customer offer,” said Cake Box chief executive officer Sukh Chamdal.
He added that the business had invested in new facilities to support expansion, including new warehouse and distribution centres in Bradford and Coventry.
“We believe the group is ideally positioned to deliver profitable growth and enter our new financial year with confidence,” he concluded.