The inaugural Interpath Growth Index - compiled by financial advisory firm Oresa - lists the UK's 100 fastest growing businesses across a multitude of sectors, ranked by their two-year compound annual growth rate (CAGR).
With nearly 70 outlets across the UK – and a long-term aim to reach at least 100 – Cornish Bakery has not only transformed itself into a well-loved brand but has also been named one of the UK’s fastest-growing retail brands in the 2024 Interpath Retail Growth Index.
The Somerset-headquartered company’s ascent in the competitive UK bakery sector is the result of strategies centred around innovation, quality and an uncompromising People First approach.
As MD Mat Finch told Bakery&Snacks, “Steve [Grocutt], our founder, had the vision to see that ‘Bakery is the new coffee shop’. We’ve taken that vision and reinvented what a bakery can be.
“Our core purpose is to Nourish People by having industry-leading training and by investing in personal development. This commitment has resulted in 70% of our vacancies filled internally. We’ve also consistently innovated our products, sourcing the very best ingredients and working with high quality suppliers and producers, who share our vision.”
Cornish Bakery’s journey serves as an important case study in hospitality, offering insights and lessons for other bakeries looking to achieve sustained growth.
The vision: people-first culture
Grocutt’s belief that ‘the bakery is the new coffee shop’ has been Cornish Bakery’s guiding principle.
This forward-thinking vision emphasises the importance of a welcoming bakery environment, where freshly baked products are paired with sustainably sourced coffee.
“We’re reinventing what a bakery is, does and can be,” Finch told this site.
“We don’t sell loaves and baguettes; instead, we focus on high-quality, freshly baked pastries, pasties, cakes and unique offerings like the Shakshuka Croissant.
This reinvention of the bakery concept has allowed Cornish Bakery to stand out in a crowded market and grow an audience that appreciates both quality and creativity.”
The company’s core value is a living principle that encompasses customers, team members and communities.
“Being a ‘People First’ business is not a static thing,” Finch explained.
“It needs consistent nourishment and development.”
In an industry that has been significantly affected by labour shortages in recent years, the company’s dedication to training and personal development has resulted in 70% of its vacancies filled internally. This approach has fostered a high level of loyalty and engagement among employees, which is essential as the company scales up.
“The fact that we are continually promoting within our team is a great indicator that we are getting that right.”
It also translates into better customer experiences, with Cornish Bakery’s consistent Net Promoter Scores (NPS) and high customer satisfaction ratings clear indicators of this.
“To be #1 in team engagement and retention, customer feedback and commercial performance is our ultimate goal in every location,” said Finch.
Innovating with purpose
With nearly 70 bakeries and plans to reach over 100 by next year, Cornish Bakery faces the delicate challenge of scaling while maintaining brand consistency. A significant factor in achieving this goal has been the brand’s commitment to local sourcing and sustainable practices.
“We look for the very best ingredients, from suppliers who share our values, and then our team freshly prepares, proves and bakes in every bakery every day,” said Finch.
This ensures that each bakery meets the same standards, regardless of location. Also at the heart in upholding these standards is empowering local bakery managers.
“One of our core values is ‘Be Yourself’ and I see the pride and passion in our bakeries, ensuring all our products are baked to the highest standard,” he noted, adding this doesn’t mean the company allows its managers – or any other member of its teams – to rest on their laurels.
It has also built a reputation for product innovation. From the Shakshuka Croissant to the Chorizo, Mozzarella & Cornish Sea Salt pasty, the company’s inventive menu has resonated with customers, capturing attention and encouraging repeat visits.
“We are constantly ‘Aiming Higher’, challenging ourselves to improve quality and to innovate. We are constantly evolving. You can’t be complacent and just think a top selling product will always be that way. Our Cornish Pasties are an important part of our heritage and remain a core part of our business: but even those flavours have evolved and changed over those years.
“It’s important for us to adapt to customer needs, and we are in constant evolution. We’ve improved many of our core products this year and introduced new ones to keep our offerings fresh. In the coming weeks, you’ll see us launch even more new products as we continue to push ever-forward.”
This adaptability is key for a business operating in a dynamic food market. The chain’s approach to trial and error, combined with an openness to customer feedback, enables the brand to stay relevant and appealing.
“With new products, there is an element of trial and error, and not everything will be a success, but we are always learning along the way,” said Finch.
“It’s also nice when exceedingly hard-to-please food critic Giles Coren pops in and rates our sausage roll as ‘one of the best he has ever had’.”
Driving customer loyalty
Cornish Bakery has also carved out a loyal customer base by prioritising locally sourced ingredients, such as its alignment with the B-Corp certified speciality coffee company Union.
“Customers are fed up with plastic-wrapped, factory-made, low-quality products,” he said.
“Our team freshly prepares, proves and bakes in every bakery every day. This way, our bakeries are a better place to work for our team, it’s better for the customer and ultimately, we have a better business.”
Serving the very best sustainably sourced coffee is also important to customers.
Lessons for the industry
As one of the only UK hospitality brands on the 2024 Interpath Retail Growth Index, Cornish Bakery exemplifies how bakery businesses can evolve to meet the demands of today’s demanding market. And it starts at the top.
“Leaders who live and breathe those values every day, listening to our team, giving feedback and challenging us to be better, are essential,” said Finch.
The brand’s recent successes – including record-breaking weekly sales of over £1 million per week and high-performing new openings (adding 20 sites to its estate over the past two years) – underscore the effectiveness of this approach. With plans to open at least 10 more bakeries in key locations in 2025, the company is firmly establishing its foothold across the UK.
“In the words of our founder, ‘Bakery is the new coffee shop’ and we’re bringing our high-quality products – freshly baked instore every day – to more and more cities, market towns, tourism locations and designer shopping villages every month.”
