Cornish bakery looking to double in size with backing of funding package

One of the UK’s fastest growing bakery companies has secured a funding package as it aims to double the number of its locations.

Cornish Bakery has received the backing from from Virgin Money to support its growth plans.

Established in Mevagissey in 1994 by Steve Grocutt, Cornish Bakery now has more than 60 locations across the UK, employing over 630 staff.

The company is known for an extensive menu of food, including their signature authentic, handmade Cornish pasties, their ethically sourced coffee via B-Corp company Union Coffee and their pastries.

Boosted by the funding package, Cornish Bakery plans to open new locations in the East Midlands, the South West and Nottinghamshire in the near future, while also refurbishing existing stores in St Ives and across the Lake District.

Virgin Money’s strategic finance team worked closely with the business to structure the deal to continue to help them meet their sustained growth ambitions.

Ralf Goad, finance director of Cornish Bakery said: “We are on a shared mission to supercharge our growth and to at least double, if not triple, in size in the coming years.

“We are building a pioneering brand proposition where our mantra is ‘bakery is the new coffee shop. We fully appreciate our close working relationship with the strategic finance team at Virgin Money and are delighted to work together to continually achieve, and often overachieve, our ambitious objectives.”

David Burgess, business development director at Virgin Money said: “Cornish Bakery is an established and growing business with a great reputation for quality produce and service which is backed up by their customer reviews.

“We are delighted to continue our 15 year relationship with the business and to support the whole team at Cornish Bakery with a cashflow finance package that enables them to accelerate their growth plans.”