Fife-based bakery business Bayne’s reports £10m sales rise

The company also added more than 100 staff last year as its growth continues.

By Gavin Harper

December 15 2023, 5:55am

One of Bayne's bakeries in Perth. Image: Mariam Okhai/DC Thomson.

Sales for Fife-based bakery business Bayne’s increased by almost £10m last year, while the family firm’s profits fell slightly.

The Lochore-based business now has 63 outlets across Scotland.

It reported sales of £35.1 million for the year to March 2023. That represents a £9.2m increase from its 2022 figure of £25.9m.

Newly published accounts for SM Bayne & Company show pre-tax profits fell slightly, from £2.3m in 2022 to £2.1m.

Plans have been lodged for new Bayne’s bakery in Perth. Image: John Handley Associates.

Bayne’s has revealed plans for a fourth bakery in Perth, while its bakery in Lochee in Dundee is to move to a bigger site.

New products ‘essential’ for Baynes

A report by joint managing director John Bayne, published alongside the accounts, set out the firm’s ambition to continue its growth.

He said the increase in the number of stores was due to customer demand post-pandemic.

Inside one of the 63 bakeries. Image: Mariam Okhai/DC thomson.

Mr Bayne said: “The business has increased the number of retail shops in recent years.

“The business strategy is to expand the business through the acquisition of more shops and to re-fit existing stores on a cyclical basis.

“New product development is essential to the future of the company.

“We are continually updating our existing products and developing new products to adapt to customer trends.”

Potential risks for Fife firm Baynes

Mr Bayne said the business is subject to “a number of” potential risks, including changes in the market and cost pressures.

Mr Bayne added: ”The business is impacted by cost pressures due to inflation. The directors review policies to offset these pressures while keeping the business sustainable.”

The accounts also show the firm added more than 100 staff during the financial year.

Its headcount increased from 641 in 2022 to 769. That includes a significant increase in retail staff, from 462 to 553.

Bayne's Bakery in Lochee is set for an upgrade — Bayne’s current store on Lochee High Street. Image: Google Street View

A total of 194 people work in the bakery, a rise of 31 year-on-year, while management staff jumped from 9 to 17.

Those increases meant the wage bill jumped from £11.4m to £15.2m.

Mr Bayne adds: “The directors recognise the long-term success of Bayne’s is dependent upon the way we interact with our stakeholders.

“Having traded for over 60 years, the need to build strong long-standing relationships with both our customers and suppliers is paramount to the success of the company and its longevity.”