The continued success of West Cornwall Pasty Co has been confirmed as the brand’s latest financial statements are released for the year ending 25th March 2016.
Cementing its reputation as one of the best performing like for like sales growth food businesses in the retail market with impressive sales figures of £13m with underlying like-for-like sales increasing by 7.6%. An exemplary performance continues seeing EBITDA increasing by 85% to £1.02m (2015 £0.55m). The result represents an impressive turnaround success story of over £1.8m in just under 2 years. The business has no institutional debt and at the year end it had £1.4m on deposit with its bankers.
Executive Chairman Chris Peck comments, “West Cornwall Pasty Co is a brand in high demand, our strategic shift towards a profile raising lifestyle approach has influenced a robust fast track growth plan especially in the travel and sports sector with a proven track record of significant impact. Continued investment into strong communication and engagement with our expanding customer base, innovating with new headline products and exciting new generation store refurbishments has placed the spotlight well and truly on all brand activity both digitally and at store level.”
Breaking News: Successful New Sales Channels
Since the year end commercial progress has been continued at pace. Targeting new sales channels have proven fruitful including retail designer outlets (McArthur Glenn, Swindon) and continuing to cover all bases in travel.
West Cornwall Pasty Co has now announced, a brand new contract with Welcome Break to supply cooked chilled branded products across their entire Waitrose estate.
The brand continues to develop their large franchise contract with Moto Hospitality across 18 units over the Motorway network and are enjoying a successful new brand presence in BP petrol station forecourts. (Wild Bean Cafe’s) New developments in rail travel sees new generation railway station sites opening with Preston and Surbiton, followed by new units in Norwich, Peterborough and Southampton stations. The brand is also in discussion with a number of airports.
Sports and Leisure Events
A brand priority has always been to establish strong long term relationships in the sports sector. As a result, a long term contract has been signed securing the retail outlets at Twickenham stadium, plus a 3 year sponsorship deal with the RFU’s All Schools Programme charity.
Driving a high profile brand presence at premier outside sports and leisure events has also increased during the year including the Cheltenham Festival, Silverstone, Wembley, The Millennium Stadium and both the SSE Glasgow and Wembley Arenas.
Bold steps into the Gluten and Dairy Free market with a ‘first of its kind’ best-selling ‘Everybody Pasty’. Named as a ‘game changer’ product the Everybody pasty is a premium pasty that tastes and has a texture just like normal wheat flour based pastry. The Everybody Pasty is baked in a specially designed bag, ensures the product stays free from cross contamination making it an ideal option for suffers of Coeliac Disease and avoiders of Gluten and Dairy. The Everybody pasty has given the brand another profile boost with record sales store side and recognition from retail multiples. Backed with strong consumer feedback listings are on the cards during 2016/2017.
The official launch of St Just Organic Coffee ‘The Greatest Adventure in Coffee’ this September further illustrates innovation being channelled through a lifestyle, design led avenue, focussing on customer engagement and consumer education about product.
New Direction, New Generation Store Design
West Cornwall Food Co launched with an extended product range including freshly made sandwiches and a luxury range of cakes. The first store to carry the new range is at Canterbury where sales since the changes were made, have risen to 50% up on last year. The second West Cornwall Food Co opened in August in Chichester. A roll-out of the successful concept is planned for 2016/17 to a number of other high street West Cornwall Pasty Co stores.
Chris Peck comments, “We are pleased with the results so far; since the year end trading remains very robust with LFL sales up in double digit growth. We expect another year of substantial profit growth, as we continue to innovate and engage with current and new customers. Our aim is, as ever to maintain quality products which are excellent value for money and to further inspire customers to engage with and enjoy the new direction of the brand.”
Source: West Cornwall Pasty Co