Food boss Sir Harry Solomon sells slice of Lola's Cupcakes
The founder of Premier Foods is looking to sell his slice of bakery chain Lola's Cupcakes.
Sir Harry Solomon, the tycoon behind the company that now owns Mr Kipling and other treats, controls up to half of the London-based firm.
Lola's Cupcakes has 45 sites, including concessions and vending machines in train stations, and plans to open two more this year.
The brand, familiar to commuters with its blue-fronted concessions styled after traditional market carts, was founded in 2006 by friends Victoria Jossel and Romy Lewis.
They sold it to Mario Budwig, the founder of Millie's Cookies, and his son Asher in 2011. Asher is now boss and owns the rest of the firm. Talks with investors about the sale of Solomon's stake have been under way for a couple of months, sources say, with City broker Shore Capital understood to be handling the sale. Those said to be interested include supermarkets and other similarly sized bakery businesses.
Booming sales have been driven by its colourful cupcakes. Revenue hit £25.3 million in 2023, according to its accounts, while profits stood at £500,000, with the firm said to have done even better last year.
Asher Budwig said of Solomon, now 88: 'He has been unbelievable to us, a great mentor.'
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