Cake Box: Non-executive chair to step down as like-for-like sales sweeten
Cake Box, the London-listed confectionery chain, has announced the departure of its non-executive chairman Nilesh Sachdev who will step down in November.
Sachdev, who is also chair at His Majesty’s Land Registry, is leaving the cream cake maker after five years in the role.
The boardroom veteran has helped guide the company since it first floated in London in 2018 at a price of 108p-a-share.
“I am proud of what we have achieved, building a company that now has over 100 franchisees including a large number of female franchisees running their own businesses,” Sachdev said.
It comes as the business, which has 212 stores across the UK, posted a 6.8 per cent hike in like-for-like sales across its franchised sites in the first 17 weeks of the year.
Despite economic headwinds, Cake Box said it is on track to deliver year-on-year revenue growth, in line with market expectations.
This was a more positive update compared to its full year results released earlier this year where it revealed underlying EBITDA was down to £6.7m from £8m compared to last year.
At the time, Cake Box blamed an increase in overheads.
“Looking further ahead, with a strong balance sheet, underpinned by a highly cash generative business model,” Cake Box said.
“The recent investment in professionalising the group’s functions and its baking and distribution facilities along with the strengthened sales and marketing functions, the group is well positioned to deliver shareholder value in the short- to mid-term.”