Cornish Bakery profits hit £3.1m in FY22
The chain’s sales and profit margins were achieved across tourism locations, with a strong recovery trend also appearing in the high street and factory outlet centres
Independent bakery chain Cornish Bakery has announced a profit before tax of £3.1m for the full year to May 2022, with EBITDA reaching £4.2m.
The chain, which is one of the fastest-growing UK bakery companies, has reported record highs in 2022 alongside an ongoing investment in new store openings.
According to the chain, its sales and profit margins were achieved across tourism locations, with a strong recovery trend also appearing in the high street and factory outlet centres.
Meanwhile, the bakery achieved an Employee Net Promoter Score of 57% across its full estate, recording its lowest ever staff turnover rate.
In addition, 2022 was the first full year that the Cornish Bakery operated under its rebrand, which was rolled out in eight high-end refurbishments during the Winter period of 2022-23.
During the year, new bakeries were opened in Plymouth Barbican, Beverley, Stamford, Rye, Whitby and Caledonia Park, Scotland. It is set to open six new branches in Truro, Bakewell, Canterbury, Cheltenham, Harrogate and Bury St Edmunds in the coming months.
Stephen Grocutt, founder of the Cornish Bakery, said: “‘Aim Higher’ is one of Cornish Bakery’s core values, and we just keep going higher and higher. Winning beautifully is very important to us and I draw great satisfaction from seeing many happy teams and customers.
“Bakery is without a doubt now the new coffee shop and I’m delighted that Cornish Bakery is raising the quality bar across the sector. Just watch us in 2023!”
