Cornish Bakery has secured an eight-figure funding package from new banking partner HSBC UK to support its next phase of growth.
The funding is to be invested in further estate expansion as well as on enhancing its sites, customer experience, and employees. It follows five years of growth during which the business has doubled its number of sites, quadrupled profit, and created jobs for 1,000 people.
Cornish Bakery reports strong like-for-like sales growth over summer 2026 alongside six new openings, including in the Somerset city of Wells, where its store is in a former HSBC bank left vacant for years.
The brand is set to open its 81st site on Guildford high street on 25 November, featuring space for 66 covers. It is also spending more than £1.6m on refurbishments to five bakeries this winter: Padstow and Mevagissey in Cornwall, Dorchester in Dorset, Stamford in Lincolnshire, and Braintree in Essex.
Earlier this year, Cornish Bakery launched its new larger-format concept Rise, the first of which was in Betws-y-Coed, north Wales, followed by a two-storey, 3,500 sq. ft. bakery at Gunwharf Quays in Portsmouth – its largest location to date.
Founder Steve Grocutt previously explained they were “taking the opposite of the cookie-cutter approach” in their expansion strategy for Rise, with each new bakery individually designed and curated to reflect the community it serves.
Cornish Bakery MD Mat Finch revealed the next phase of growth for the brand is about “investing intelligently, finding brilliant locations and building bakeries that belong in their communities”. He expressed the company’s delight to have HSBC UK’s support, adding the investment will “really help us to maximise our potential”.
Liam Gover, relationship director at HSBC UK, noted Cornish Bakery has a clear sense of what makes its business distinctive and how it wants to grow. “We’re pleased to support investment in its bakeries and new locations while helping it retain the individual character of each site,” he said.
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