Wenzel’s the Bakers has reported double-digit increases in sales and profits for its most recent financial year.
The family-owned bakery business, which operates a chain of 109 stores, has also responded to media reports suggesting it was at risk of going bust, confirming that a winding-up notice issued by HMRC last month has since been withdrawn and it “has made significant progress towards settling the liability”.
Recently filed accounts for the year ended 7 April 2024 showed turnover at Wenzel’s had risen by 11.2% to £68.3m while net profit after tax reached £2.1m, up 26% on the £1.6m from the year prior. This also ended a downwards slide in rate of profitability, having previously recorded profits of £5.6m and £4.2m in FY22 and FY21, respectively.
Shareholders were treated to ordinary interim dividends amounting to £5.1m, more than double the £2.5m paid out by the company in 2023.
Wenzel’s noted that, to meet increasing demand for its products, it had opened 10 new shops during the period. This brought its retail estate to a total of 109 sites, which are predominantly located across Greater London and the home counties but also go as far away as Poole in Dorset and up to Northampton.
It has yet to add more stores since, while keeping its 14th spot on the Top 75 list of out-of-home businesses in the just-launched Bakery Market Report 2025. To support continued expansion in the coming years, Wenzel’s said it had invested in its main bakery and head office in Northwood, near Watford.
Directors statements
Wenzel’s board of directors – which include founder Peter Wenzel and his daughter Sarah – said its was “pleased with the results for the period”. However, it warned that the business still faces many challenges including general footfall and the cost-of-living crisis “giving rise to an uncertain economic outlook for our customers and increasing high street competition”.
The firm, which enters its 50th year of operations in 2025, has relied on its loyal customer base buying products in store, but has also expanded its profile on online delivery platforms – this remains a strong source of revenue, said Wenzel’s. It also has a focus on sustainability, completing a ‘smooth and successful’ transition to electric vehicles across its 15-strong fleet used by area managers in early 2024.
The board claimed Wenzel’s was “constantly looking at ways to improve the business across its products, service, and strategic management”, highlighting that it had successfully appointed new board members to assist in the delivery and execution of these plans. The latest addition to its board is Dean Russell, who joined at the start of 2025, while directors Emma Roback, Attila Juhasz, and Neeraj Chotai were all let go last year, Companies House filings show.
“Through working collaboratively with management and having an open and transparent dialogue with the company’s many stakeholders, the board believes Wenzel’s has been able to develop a clear understanding of their needs, assess their perspectives and is well positioned to promote the long-term success of the company,” read a statement from the directors.
Tax repayments
In the post-balance sheet events section of its FY24 accounts, Wenzel’s said that HMRC had issued a winding-up petition against the company on 19 March 2025 “in respect of an outstanding balance due”. It confirmed that HMRC had subsequently applied for the petition to be withdrawn on 26 March, which was approved two days later.
“The company remains in open dialogue with HMRC and has made significant progress towards settling the liability, including making payments towards the outstanding liability and has sought to offset tax recoverable against the liability,” stated the report.
Furthermore, Wenzel’s revealed it was in advanced discussion with its bankers to secure an additional £2m loan, which its directors were confident would be approved.
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