Indian company buys Twelve Cupcakes
Following the divorce of celebrity couple Jaime Teo and Daniel Ong, the Twelve Cupcakes chain they founded in 2011 has been sold.
One of India’s largest tea producers, Kolkata-based Dhunseri Group, has bought the chain outright for S$2.5 million (US$1.7 million).
With a presence in 17 malls, the chain offers the group the chance to establish a strong footprint in the F&B space in the Singapore market, says Mrigank Dhanuka, a member of the family that owns the Dhunseri Group.
“We are looking at turning the business around, which is at just about cash break-even point at this juncture.”
The sale was completed last month, following the divorce four months earlier of the former beauty queen and the radio deejay. The couple made the news of their divorce public on December 31 on their respective Instagram accounts.
Twelve Cupcakes has more than 40 outlets across six countries in the region.
This is Dhunseri Group’s first foray into the F&B space in Singapore, and Dhanuka has relocated to Singapore to head the business in the region.
“We will be expanding our F&B portfolio under Twelve Cupcakes with new product launches in Singapore,” he says. “We continue to look for value deals here in the confectionery space.”
In the tea business for more than five decades, the group also has petrochemical interests in India.