New stores openings have helped Cornish Bakery deliver a record-breaking summer of trading with August sales up by almost a quarter (24%) year-on-year.
The independent bakery chain also revealed 8% like-for-like sales growth in August, driven by increases in both customer numbers and average order value. Revenue was boosted by its biggest ever week of sales over the August Bank Holiday with several of its individual sites also breaking their own sales records, it added.
Cornish Bakery declined to give specific figures for the summer, while its most recent financial results for the year ended 30 May 2024 showed turnover of £29.4m – a 24% improvement on the previous period – with EBITDA up by 6% to £3.4m.
It noted that its strong seasonal performance defied wider trends in high street and hospitality, including a drop in retail spend in August as reported by the Confederation of British Industry.
“Our founder, Steve Grocutt, has long said that ‘Bakery is the new coffee shop,’ and we’re seeing that trend play out,” commented MD Mat Finch, who took over the leadership role in June 2024. “The premium bakery segment is growing faster than traditional coffee shops, and customers are seeking fresher, higher-quality food that’s baked and served on-site, not wrapped in plastic. That’s where we win.”
Over the past two months, the company has added new shops in Hereford and the East Suffolk town of Woodbridge, bringing its current estate up to 69. It also expanded its Coney Street bakery in York and refurbished its other store in the city on Colliergate.
Several new bakeries are in the pipeline to open this Autumn, including in Worcester, Ashford Designer Outlet, Exeter, and Newbury, while a further five locations said to be in advanced stages of negotiation for launches early 2026. In June, Cornish Bakery unveiled an ambition of surpassing 400 sites nationwide, hiring a new property director in Jeremy Smith to help guide this expansion.
It also appointed advisory firm Tamwheel Capital earlier this year to explore a potential sale of the business. Chef Arnaud Kaziewicz has since been named head of proposition and product innovation to enhance the food offering and customer experience at Cornish Bakery.
The company credited its ongoing growth and success to its people-first culture and clear purpose to “nourish people”, with investment in training, internal promotions, and recognition programmes. These initiatives have resulted in high employee engagement and recognition as one of the UK’s Best Companies to Work For, it said, highlighting the recent launch of its ‘Change Hospitality for Good’ mission with the aim of making it a world-class employer.
No comments yet