Bakery group credited with helping redefine the UK’s high streets explores potential sale

Cornish Bakery has appointed corporate sale advisors at Tamweel to oversee a sale of its 66-strong bakery and coffee shop chain.

Founded by Steve Grocutt in a small fishing village in Cornwall, it has since launched stores mainly in tourist hotspots, although it has also expanded into high streets, retail outlet centres, motorway services and event spaces such as the NEC in Birmingham.

Cornish Bakery has enjoyed sustained year-on-year growth, with revenues and site EBITDA for the 12 months 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, the firm has continued its strong momentum, reporting 26% revenue growth in the second half of 2024.

During this period it expanded into Nottingham, Taunton, Winchester, Chelmsford, Milton Keynes and Cirencester – since 2022 it has opened 18 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 says it has a well-established platform for further expansion.

Ali Aneizi, founder of London-based Tamweel, 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.”

Grocutt 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.”