Cake Box eyes 52 new stores ahead of expected record revenue
Cake Box is expecting to deliver a strong performance for the year ending 31 March 2021, despite ongoing coronavirus restrictions leaving many retailers struggling.
In a market update today the specialist dessert retailer revealed it was currently holding franchisee deposits for 52 sites across the country.
Cake Box opened 17 new stores in the second half of the year, including in Gloucester, Epsom, Newport, Ipswich and Hove, taking the total number of new Cake Box stores to 24 last year. The retailer has 157 sites in total.
The group said it was heading for a record revenue for the year, estimated to be up around 16 per cent on the previous period.
Co-founder and CEO Sukh Chamdal said: “Customer appetite for our products has continued to grow, with good traction across our expanded online and delivery services.
“Our tested recipe of backing our franchisees has helped us deliver another year of growth, and it is thanks to the dedication of them and everyone in the Cake Box family that we have been able to emerge stronger from a year marked by the global pandemic.”
Cake Box expects its full results for the year to be released in June.