economy
Meet the sisters who got dumped by their landlords and were down to their last £15,000 before they built an £8 million business
In 2014, Annabel, 40, and Emily Lui, 47, were down to their last £15,000 after a promising start to their bakery side hustle suddenly fell apart. The British sisters had built Cutter & Squidge in 2012 around their signature Biskies and landed accounts with two of London’s biggest department stores, but just as they hired a small team, rented production space and bought a van to support the business, both retailers pulled back. Harrods decided cupcakes were selling better, while Selfridges pulled the plug on Cutter & Squidge’s pop-up, wiping out almost all of the sisters’ income.
TL;DR
- Annabel and Emily Lui were left with £15,000 in 2014 after department stores canceled orders for their bakery, Cutter & Squidge.
- They risked their remaining savings on a pop-up shop in London's Soho, which became the foundation for their business.
- Cutter & Squidge grew to nearly £8 million in revenue, employs around 50 people, and expects further growth.
- The COVID-19 pandemic prompted a shift to an online gifting model, with revenue shifting from physical stores to direct-to-consumer sales.
- The company, entirely bootstrapped, faces rising costs for ingredients and operations but maintains a focus on handmade products and technology for logistics.
- The sisters aim to reach £10 million in revenue by the end of 2027 without external investment.