How Cutter & Squidge Turned a £15,000 Lifeline into an £8 Million Startup

In 2014 Annabel (40) and Emily Lui (47) faced a £15,000 cash crunch after Harrods and Selfridges withdrew support from their fledgling bakery, Cutter & Squidge. With no incoming orders, the sisters debated whether to cash out or risk the last funds.

Cutter & Squidge: From Soho Pop‑up to £8 Million Empire

Against their father’s skepticism they launched a modest pop‑up in Soho, sanded the floor themselves and borrowed a battered coffee machine. Annabel painted the walls while Emily kept her law job. Within months the stall attracted enough customers to fund a permanent Brewer Street shop.

“There were a lot of tears,” Annabel told Reuters.

By 2025 the bootstrapped company reported revenue of ↑ £8 million, employs roughly 50 staff and has served over one million patrons. The sisters project a further ↑ 12% increase this year, eyeing £10 million by 2027 without external capital.

COVID forced a pivot: an at‑home tea kit turned the business into an online gifting specialist, pushing e‑commerce sales from 25% to nearly 100% of turnover. Today, about 80% of revenue comes directly from consumers, many buying gifts for Chinese New Year, Diwali or Ramadan.

Rising input costs remain a pressure point – cocoa prices have jumped ↓ 175% while electricity and labor costs have climbed sharply. Yet the Lui sisters refuse cheaper substitutes, insisting on premium ingredients.

“We’re Lui sisters,” Annabel says, “and we fight for what we built.” Their story illustrates how a single bold gamble can transform a kitchen‑side hustle into a multi‑million‑pound enterprise.