In 2014, British sisters Annabel and Emily Lui faced a critical moment when their bakery business Cutter & Squidge was nearly wiped out, leaving them with just £15,000. Despite early success with their signature Biskies and partnerships with major London department stores, both Harrods and Selfridges withdrew support, forcing the sisters to reconsider their future.
The sisters had initially balanced their bakery venture alongside careers in finance and law. After the setbacks, they debated whether to abandon the business or invest their remaining savings into a new pop-up shop in Soho. Their father helped renovate the space, while Emily continued working as a lawyer and Annabel managed the pop-up’s setup. This effort laid the groundwork for their eventual turnaround.
Their story highlights the challenges faced by small food businesses in competitive retail environments, where shifting partnerships can jeopardize growth. Cutter & Squidge’s experience contrasts with other bakery brands that have maintained steady retail support, underscoring the risks of rapid expansion without stable backing. The sisters’ resilience and strategic pivot enabled them to build a business now valued at £8 million.
Today, Cutter & Squidge operates successfully with a strong presence in London’s bakery scene, demonstrating how focused reinvestment and adaptability can revive a struggling startup. The company’s journey from near collapse to multimillion-pound valuation is documented in a recent Fortune profile published on August 22.