London: Two Indian-origin cousins are set for a massive windfall as their London-based cake business prepares for a stock market flotation next month.
Sukh Chamdal and Pardip Dass opened the first Cake Box store on Green Street, Upton Park, a decade ago and now have more than 90 franchises across the UK.
They aim to open two or three new stores each month, with a goal of 250 in total, according to The Sunday Times'.
Cake Box has appointed the broker Shore Capital to advise on the listing, which will see the business float on the junior AIM market on the London Stock Exchange.
It is expected to value the company at between 40 million pounds and GBP 50 million pounds, and Chamdal, 56, and Dass, 46, will sell 40 per cent of their shares.
The cousins will retain control of the remaining 60 per cent, the newspaper reports.
Chamdal, a former chef, got the idea for the business when his daughter asked for a cake that did not have eggs in it. All the company's products are egg-free and suitable for vegetarians. Customers can choose to have a personalised message iced onto a fresh cream cake while they wait.
Cake Box was named last week on The Sunday Times Fast Track 100' list of Britain's fastest-growing private companies.
It made revenue of 12.8 million pounds in the year to the end of March.
When the business floats, franchisees will own 9 per cent of the shares, offered to them at a discounted rate.
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