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Enterprise

How doughnut firm's owners turned £10 into a £1.5m business

Doughnotts now has three branches in the East Midlands, with a fourth due in November

Megan Scaddan and Wade Smith, of Doughnotts(Image: Joseph Raynor/ Nottingham Post)

The owners of one of the East Midlands' fastest-growing food firms have lifted the lid on what has made their business a success.

Doughnotts was only founded in 2015 by Wade Smith and Megan Scaddan as the pair decided to start making doughnuts with a borrowed £10.

Four years later and the Nottingham firm has reported a turnover of £1.5 million and has expanded to branches in Derby and Leicester. They hope to open in Lincoln next month.

"I still don't think we realise (what we have achieved), we just keep going," said Miss Scaddan, 26.

"We look back, but we just do our job. People say I bet you are so proud of yourselves but we just get on with it, we enjoy it. I don't think we've had time to stop and think about it."

Wade and Megan had been working apprenticeships before starting the business and had about £200 a week between them as a result of their work.

Recalling how they made the transition from apprentices to business owners, Mr Smith, 27, said: "We were broke and borrowed a tenner from my grandparents and we bought some ingredients to make some doughnuts.

"We put them on Facebook and my mate said "they look wicked can I have them". So there were 12 doughnuts and we charged a tenner for it.