Vegan baker boss sells 9% stake for £6.4m after reporting rising sales

The founder of baker Cake Box has cashed in £6.4million of shares after reporting roaring lockdown sales.

Sukh Chamdal, who is also chief executive, sold 3.75m shares, equivalent to a 9.3 per cent stake, after investors asked him to diversify the share register. 

It will also satisfy demand from an unknown institutional investor and increase the liquidity of the stock.

One a penny: Cake Box founder Sukh Chamdal, who is also chief executive, sold 3.75m shares, equivalent to a 9.3 per cent stake, after investors asked him to diversify the share register

One a penny: Cake Box founder Sukh Chamdal, who is also chief executive, sold 3.75m shares, equivalent to a 9.3 per cent stake, after investors asked him to diversify the share register

One a penny: Cake Box founder Sukh Chamdal, who is also chief executive, sold 3.75m shares, equivalent to a 9.3 per cent stake, after investors asked him to diversify the share register

It is the first time Chamdal has sold shares since the company floated on the junior AIM market in 2018, and he retains around 32 per cent of the shares, worth nearly £22million. 

It follows a boom in sales, which enabled Cake Box to return furlough cash and pay investors a £1million one-off dividend.

Sales at the chain, which specialises in making egg-free cakes and has 136 franchise stores, rose 14 per cent in the three months to September 1, compared with the same period of 2019.

Finance boss Pardip Dass has also bought 225,000 shares, for £382,500.

The share price fell 6.3 per cent, or 11.5p, to 170p.

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