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Cornish Bakery has reported a record set of financial results for the year ending May 2025, with EBITDA rising 32% to £4.5m.
The independent group saw total sales increase by 24% to reach £36.4m, driven by like-for-like growth across all product categories.
The company, which currently operates over 60 sites, expects to have 79 bakeries open by spring 2026.
This expansion includes eight new openings scheduled by April 2026 and the refurbishment of four existing locations.
The firm also reported its “highest-ever” sales week during the December 2025 Christmas period.
Additionally, founder and CEO Steve Grocutt announced a new brand extension, Rise, which will debut at three upcoming locations.
These sites will be significantly larger than standard units, with one featuring 196 covers, and will offer an evolved menu including small plates, brunch, and early evening service.
The licensed bakeries will partner with Cornish producers Harbour Brewery and Camel Valley Vineyard.
The company estimates it contributes over £10m annually to the Cornish secondary economy through its supplier network, which includes B-Corp coffee roaster Origin.
Despite the growth, Grocutt criticised current government policy regarding business rates and the hospitality sector, citing “ceaseless instability” as a primary concern for the industry.
Grocutt said: “Customers are enjoying our products and service with all categories in like-for-like growth and our Net Promoter Score (NPS) growing to 69. Coffee is our outstanding performer, with our recently announced move to Cornish B-Corp Origin already reaping rewards.
“The Cornish mothership super brand keeps on giving and we fully intend to continue to celebrate the quality and craftsmanship of Cornish creators by building each and every one of our new bakeries differently.”
Commenting on the wider hospitality landscape, he added: “The rates situation is a complete disaster. The difference between a pub, restaurant, bakery, or coffee shop is not what it used to be and continues to be blurred, yet the government just does not understand this.”
