Tuesday, July 23, 2024

Cornish Bakery expands footprint

Cornish Bakery, one of the UK’s fastest growing bakery companies, has secured a funding package from Virgin Money to support the independent company’s achievement of its goal of doubling the number of its locations, marking another significant milestone in the business’s growth.

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

The company is known for an extensive menu of artisan-quality food, including their signature authentic, handmade Cornish pasties, their ethically sourced coffee via B-Corp company Union Coffee and their delicious and creative 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. The funding package will help the business as they continue to expand and move into new areas, creating employment opportunities and supporting the local economy, alongside local charities, in each of its UK-wide locations.

Ralf Goad, Finance Director of Cornish Bakery, said: “We’re on a shared mission to supercharge our growth and to at least double, if not triple, in size in the coming years. We’re 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.”

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