Cornish Bakery has reported financial results for the year ended 1 June 2023, with net turnover of £23.7m compared to £20.9m the prior year.
At period end, the chain operated 56 bakeries across the UK, including six locations under a franchise agreement with Roadchef. Five new bakeries have opened since period end, with the directors seeing ‘significant opportunity’ for growth across the UK.
The business further reported EBITDA of £3.2m, down from £4.2m the prior year as a result of temporary VAT reduction and business rates relief Covid. Profit after tax amounted to £1m.
Last month, Cornish Bakery announced it plans to ‘double or triple in size’ following a ‘game-changing rebrand’ and having opened nine new bakeries in 2023. It is seeking a managing director for its next stage of growth.
Last year, founder Steve Grocutt told MCA that the brand would move its focus toward quality high-street locations.
After a major rebrand, Grocutt coined the phrase “bakery is the new coffee shop” and maintains that this is still a very untapped market.
“There are many famous coffee shops and bakeries, but there are not many good bakery-coffee shops, and that is where the opportunity is.
“I think that’s why all of our segments are doing really well.”
