Openings see Gail's bakeries increase turnover by 28%

Gail's bakeries have seen turnover grow by 28% to £47.6m in a year that saw 10 new high street openings.

Financial results for the year to 28 February 2019 showed an increase in turnover from £38.8m for the retail business, with a similar number of openings planned for the year ahead.

Parent group Bread Holdings, which also incorporates a wholesale bakery arm, saw turnover increase by 14% to £100.8m. It reported pre-tax profits of £2.3m up from £1m the previous year. The turnover from the wholesale business was £68.3m.

The group as a whole reported earnings before interest, tax, depreciation and amortization of £10.6m, up from £8.3m the previous year.

There are 50 Gail's bakeries in and around London producing artisan bread, pastries and desserts. The business was founded in 2005 by CEO Tom Molnar.

Luke Johnson of Risk Capital Partners, the majority stakeholder, was reported to be considering a sale of Gail's earlier this year. The group said it would also pursue growth in the wholesale market by attracting new customers with quality products.