Cornish Bakery appoints Tamweel as it explores sale

Cornish Bakery, a fast-growing bakery chain with 66 locations across the country, has appointed Tamweel to oversee a sale of the business.  

It comes as the chain has seen sustained year-on-year growth, with revenues and site EBITDA for the 12-month period to May 2025 expected to reach £37m and £8.3m respectively – alongside like-for-like sales growth of approximately 9% coming from increased spend and volume of transactions. 

Under the leadership of managing director Mat Finch, Cornish Bakery reported a 26% jump in revenues in the second half of 2024. During this period, it expanded into Nottingham, Taunton, Winchester, Chelmsford, Milton Keynes and Cirencester – and since 2022 it has opened 18 new bakeries. 

With eight additional stores set to launch in the coming months and the potential for hundreds of bakeries across UK high streets and transport hubs, the business maintains it has “a well established platform for further expansion”. 

The business has grown from one site in a small Cornish fishing village into a chain that has a presence in high streets, retail outlet centres, motorway services, and event spaces. 

According to Cornish Bakery, the bakery coffee shop segment is forecast to grow at roughly 9% per year from now until 2027, driven by increasing customer demand for “premium” baked goods alongside “top quality” coffee.  

Ali Aneizi, founder of Tamweel Capital, said: “Cornish Bakery has played a huge part in defining the high growth bakery coffee shop segment, offering customers a next-generation format that is capturing market share from traditional coffee chains. 

“Over the past decade, bakeries have evolved from simply selling bread and pastries to becoming vibrant social hubs, much like coffee shops. This shift has positioned bakeries as the new coffee shops – creating versatile destinations that serve high-quality coffee alongside a premium food range.”

Steve Grocutt, founder and owner of Cornish Bakery, added: “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.”