Finsbury Food Group, a speciality bakery manufacturer, has announced the acquisition of a 70% stake in cupcake brand Lola’s.

This move marks Finsbury Food Group’s expansion into the direct-to-consumer market. Lola’s operates an online platform as well as kiosks and collection lockers across London, which generate £25 million in yearly revenues, according to the company.

John Duffy, CEO of Finsbury Food Group, said: “Today marks an exciting milestone in the trajectory of Finsbury Food Group as we welcome Lola’s into the family. 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.”

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The bakery brand will continue to operate under the leadership of managing director Asher Budwig while leveraging Finsbury’s commercial capabilities.

Asher Budwig, Managing Director of Lola’s, added: “I’m thrilled to be working with the Finsbury team on the next chapter of Lola’s story. 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.”