Cornish Bakery explores sale of business
Cornish Bakery has appointed advisors at Tamweel to oversee a sale of its 66-strong bakery and coffee shop chain.
Founded by Steve Grocutt in a small fishing village in Cornwall, the company has since launched stores mainly in tourist hotspots, although it has also expanded into high streets, retail outlet centres, motorway services, and event spaces such as the NEC.
Cornish Bakery is expecting revenues and site EBITDA to reach £37 million and £8.3 million respectively in the 12 months to May 2025. Meanwhile, like-for-like sales are forecast to grow by around 9% due to increased spend and volume of transactions.
Under the leadership of managing director Mat Finch, the company posted 26% revenue growth in the second half of 2024. During the period, it expanded into Nottingham, Taunton, Winchester, Chelmsford, Milton Keynes and Cirencester, which means it has opened 18 new bakeries since 2022. It is also planning to launch eight additional stores in the coming months as it looks ahead to further expansion.
Grocutt said: “Cornish Bakery has always been about more than just great coffee and delicious food – it’s about creating spaces where people feel at home and staff love to work.
“From our first bakery in Cornwall to our nationwide presence today, we’ve stayed true to our vision of bringing high-quality, handcrafted products to every corner of the UK.
“The brand is in a fantastic position for its next chapter, and I’m incredibly proud of what we’ve built. With the right partner, Cornish Bakery has the potential to go much further, and I’m excited for what’s next.”
