From £15,000 to £8 million: Sisters turn bakery setback into booming business
After losing key retail contracts and being left with just £15,000, sisters Annabel and Emily Lui launched a Soho pop-up that grew into the £8 million-revenue bakery Cutter & Squidge.
Annabel and Emily Lui, former finance and law professionals, built Cutter & Squidge in 2012 and quickly secured contracts with Harrods and Selfridges. When those retailers withdrew in 2014, the sisters were left with only £15,000, prompting a 15-hour discussion about their next move. They chose to open a small pop-up in Soho, with their father assisting in the build-out on the condition they purchase materials.
The venture evolved into a flagship store on Brewer Street and three locations by 2020, until COVID-19 shut them down. Pivoting to an online gifting model, they introduced an afternoon-tea-at-home kit and a high-volume brownie box, which now generate roughly 80% of revenue. Today the bootstrapped company reports nearly £8 million in sales, employs about 50 people, and targets £10 million by the end of 2027, while preserving its family-run ethos.
Why it matters
The story shows how resilient entrepreneurship can turn a near-failure into a multi-million-pound enterprise.
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