As baking enjoys a renaissance, kitchen retailer Lakeland has revealed that it doubled its profits last year following increased demand for baking essentials.
The popular BBC television series The Great British Bake Off has inspired the nation to engage in the pastime and Lakeland, which sells everything from double-sided cookie cutters to edible glue, has recorded a 5.5% rise in sales to £175.6m.
On the back of the show’s success, tax profits grew from £2.3m to £5.5m in the 12 months to December 2014
Bake Off, which launched in 2010 and broadcasts to over 9m viewers on average, has revived home baking sales in the UK. According to market research company Mintel, annual sales jumped from £523m in 2009 to £1.7bn in 2014.
According to the Telegraph, Lakeland also said that it was appealing to more health conscious customers who were invested in the “clean eating” trend.
The British retailer, which added kitchens for live demonstrations recently, only opened one new store last year (it now has 68) but opened a new distribution centre in Kendal in order to double it storage capacity, and has expanded its overseas business by launching in India.
“It’s an exciting time for Lakeland," said Bob Granger, Lakeland’s Retail and Finance Director.
“Previous years of investment for the growth of the business have come to fruition, and coupled with the continued popularity of our product ranges, we’re seeing a marked increase in profitability.
These long-term investments have secured Lakeland’s market position as a competitive retailer and should continue to positively impact the business in the years to come.”