Sukh Chamdal, co-founder and MD of Eggfree Cake Box – which featured on Fast Track 100 in 2017 before successfully floating on AIM last June – speaks at our Fast Track 100 alumni dinner for entrepreneurs in London. The dinner was co-hosted by Mike Saul, Head of Hospitality and Leisure at Barclays, and Fast Track’s founder Hamish Stevenson.
The Eggfree Cake Box co-founder and MD shares his journey to a successful IPO
“Whatever you do, don’t forget your customer,” said Sukh, as he explained how Eggfree Cake Box had focused on serving customers who choose to avoid eggs. His franchise model had been crucial in driving sales growth to £8.6m in 2017. Sukh attributed the success to carefully-chosen franchisees and a customer-focused attitude that has seen the business to grow to its current value of £65m through word of mouth alone. He stressed the importance of choosing staff carefully and then ensuring they remain motivated — one of the driving motivations behind the company’s 2018 IPO, which put the business in the hands of staff.
He was speaking at our invitation-only Fast Track 100 alumni dinner for entrepreneurs at The Ivy London. Sukh explained the appeal to customers of Eggfree Cake Box’s convenient, walk-in model – “People are now inventing reasons to come in and buy a personalised cake.” The company uses fresh cream to produce a quality product, which, combined with dedicated customer service, ensures happy customers who will return. “The customer is not there for your convenience; you are there for the customer’s convenience,” said Sukh. “One happy customer will tell 20 other people – one unhappy customer will tell 40” – a maxim which is even truer in the age of social media.
Sukh shared his story with 41 founders and chief executives from 38 companies, including Missoma, Joseph Joseph, Cult Beauty, Culture Trip, Pizza Pilgrims and Charlie Bigham’s.
Susie Ma, who sold her first skincare product at Greenwich Market aged 15 and has since grown Tropic Skincare to profits of £5m on sales of £22.7m, spoke to us about her experience of being a female entrepreneur and why other budding entrepreneurs shouldn’t let themselves be defined by their gender – “The opportunity in this country is exactly the same for men and women.”
Tom Allsworth, co-founder and joint chief executive of Revolution Beauty, was also upbeat about opportunities in the current market. He explained how Revolution Beauty, which had turnover of £113m in 2018, up 77% a year for the last three years, is driving expansion using social media channels and customer engagement.
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Guests enjoyed networking drinks and dinner with representatives from Barclays and their achievements were recognised by Mike Saul, Head of Hospitality and Leisure. “It’s fantastic to see such entrepreneurial spirit here in the room,” he said.
More information on the Fast Track 100
For information about our alumni dinners and opportunities for sponsors, visit our sponsorship page: https://www.fasttrack.co.uk/sponsorship/