The Cupcake Bakery franchise launched by former chemical engineers Alex and Angela Perry in 2006 has been placed in administration.
The husband and wife team established the franchise network which spanned around 30 outlets in Brisbane, Sydney and Melbourne. The business focuses on a variety of cupcake flavours, sold individually or specially packaged for corporate and private events.
Hall Chadwick’s Richard Albarran and Brent Kijurina were appointed as administrators last week and a creditors’ meeting is scheduled for Monday in Sydney.
Alex and Angela Perry were reportedly inspired to enter the industry after watching an episode of Sex and the City where two of the show's main characters, Carrie and Miranda, eat Magnolia Bakery cupcakes.
The pair began baking in their apartment kitchen in Cronulla, Sydney, and at first sold their cupcakes at markets. They opened their first store in Sydney in 2007.
In 2011 they ranked 31 in the BRW Fast 100 with almost 80 per cent average annual revenue growth over three years. At that time the stores were bringing in $4.64 million.
The pair also noted that there were challenges involved in sustaining such a specialised business, and had considered introducing a savoury range of wraps and sandwiches to expand the menu.
Some stores are reportedly still operating, while some are trading as different businesses.
The company's founders began in 2006 by baking in their apartment kitchen in Cronulla.
