Cornish Bakery explores sale options
Cornish Bakery has appointed an advisory firm to oversee a sale of the business.
The bakery and coffee shop brand – which has 66 branches across the UK – has appointed Tamweel Capital, a mergers and acquisitions and private equity advisory business, to explore its options.
Beginning in a small fishing village in Cornwall, Cornish Bakery has since expanded into tourist hotspots, high streets, retail outlet centres, motorway services, and event spaces such as the NEC in Birmingham.
Since launching, Cornish Bakery has seen sustained year-on-year growth, with revenues and site earnings (EBITDA) for the 12 months to May 2025 expected to reach £37m and £8.3m, respectively, while like-for-like sales are set to grow by approximately 9%.
It also sits within the fast-growing bakery coffee shop segment – which is forecast to grow at around 9% per year from 2025-2027.
Under the leadership of managing director Mat Finch, Cornish Bakery has continued its strong momentum, reporting 26% revenue growth in the second half of 2024. During this period, it opened shops in Nottingham, Taunton, Winchester, Chelmsford, Milton Keynes, and Cirencester – and has opened 18 new bakeries since 2022. Eight additional stores set to launch in the coming months.
Ali Aneizi, founder of 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.”
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.”