Cornish Bakery has reported a turnover of £20.9m for the year ended 26 May 2022, with profit before tax of £3.1m.
In comparison, turnover was £11.7m and profit before tax was £1.5m for the year ended May 2021.
The 51-strong bakery chain has also grown EBITDA from £2.4m to £4.2m. It has opened four new bakeries since the end of the period and has three openings in the pipeline.
In September 2022, when the company made its Scottish debut, founder Steve Grocutt told MCA the business was looking to open one site per month over two years.
Cornish Bakery will primarily look to open units 1,500-2,000 sq ft in size, but also formats such as kiosks opened in Birmingham’s National Exhibition Centre for the Commonwealth Games.
While its Scotland opening was at Caledonia Park, a retail complex in Gretna, Grocutt said the brand is looking for locations that “match its ethos” rather than letting footfall drive the selection process.
