Independent bakery chain Cornish Bakery has reported what it is calling “record highs” across all elements of its business performance in 2022.
Cornish Bakery was founded by Steve Grocutt, who said in an interview to The Retail Bulletin that his experience in property development and real estate investment helped enormously with understanding what properties and locations work well for the company, adding that their focus is on high streets – but a specific kind, encapsulating traditional market towns and cathedral cities.
The strategy seems to be succeeding, as the company achieved an EBITDA profit of UK£4.2 million for their full year to May 2022, with a profit before tax of £3.1 million, alongside major ongoing investment in new openings. Record company sales and profit margins were achieved across all tourism locations, with strong recovery evident in the high street and factory outlet centers. Cornish Bakery also participated as partners for the Commonwealth Games which were held at the NEC, and where they now have five outlets.
In keeping with a stated commitment to internal culture and a motivated team, Cornish Bakery’s Employee Net Promoter Score moved from ‘good’ to ‘great’, as the company recorded its lowest ever staff turnover. A Net Promoter Score of 57% was achieved across the full estate.
Last year also saw the company’s first full year of operation under its rebrand, led by Cornwall-based company A-Side Design. The subsequent brand roll-out has seen eight high-end refurbishments during the winter of 2022/2023. During the new year, bakeries were opened in Plymouth Barbican, Beverly, Stamford, Rye, Whitby and Caledonia Park, Scotland. The company is expecting to open six new branches in Truro, Bakewell, Canterbury, Cheltenham, Harrogate and Bury St Edmunds in the coming months.
“‘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 seeing many happy teams and customers,” explained Stephen Grocutt, Founder of Cornish Bakery. “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!”
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