Finsbury’s recent acquisition marks its inaugural entry into the direct-to-consumer market. This strategic move aims to expand on Lola’s robust e-commerce platform, which already contributes to half of its sales.
Lola’s boasts a network of 45 kiosks and collection lockers situated in high-traffic areas, such as transport hubs. The business generates impressive annual revenues of £25 million and employs a workforce of 400 staff members.
Asher Budwig will continue in his role as managing director, a confirmation from Finsbury indicates.
For Finsbury, this acquisition is a crucial element of its long-term growth strategy. It includes targeted investments in high-growth segments of the bakery market. This deal follows Finsbury’s recent acquisition of confectionery and meringue producer Lees Foods Ltd in 2023.
“Today marks an exciting milestone in the trajectory of Finsbury Food Group as we welcome Lola’s into the family,” stated John Duffy, chief executive of Finsbury Food Group.
“It represents another step forward in Finsbury’s acquisition journey as a buy-and-build business, allowing us to enter the direct-to-consumer market for the first time. Lola’s is an entrepreneurial and much-loved UK brand with a strong digital presence, and together, we see significant potential for growth and innovation across both Finsbury and Lola’s.”
Simultaneously, Budwig conveyed enthusiasm about collaborating with Finsbury.
“I’m thrilled to be working with the Finsbury team on the next chapter of Lola’s story,” Budwig remarked.
“I’ve had the chance to get to know how the Group operates, and I’ve witnessed its strength, breadth and capabilities firsthand. With Finsbury’s expertise in manufacturing and the broader support of the Group, I’m confident we can take Lola’s to exciting new heights by building on what we’ve already achieved and exploring new opportunities together.”
Finsbury supplies a diverse range of bread, cake, and morning goods products to various retailers, foodservice, and export clients across the UK and Europe. In 2023, it transitioned from public to private ownership, with Isle of Man-based asset manager DBAY Advisors acquiring the business.
