The move represents Finsbury’s first move into the direct-to-consumer market, as it looks to build on Lola’s strong e-commerce platform which accounts for half of its sale.
Lola’s also has a network of 45 kiosks and collection lockers in locations such as transport hubs, with the business generating annual revenues of £25 million and employing 400 staff.
Asher Budwig will remain as the firm’s managing director moving forward, Finsbury has confirmed.
For Finsbury, the acquisition forms is part of its long-term growth strategy, which includes “targeted investments in high-growth segments” of the bakery market. The deal follows the acquisition of confectionery and meringue maker 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,” said 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.”
Meanwhile, Budwig expressed excitement about the opportunity to work alongside Finsbury.
“I’m thrilled to be working with the Finsbury team on the next chapter of Lola’s story,” Budwig said.
“I’ve had the chance to get to know how the Group operates, and I’ve witnessed its strength, breadth and capabilities first-hand. 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 range of bread, cake and morning goods products to multiple retailers, foodservice and export customers across the UK and Europe. In 2023, it switched from public to private ownership when Isle of Man-based asset manager DBAY Advisors acquired the business.
