A West Devon firm’s expansion into Plymouth has generated 80 per cent turnover growth for the company in just 12 months.
Nigel and Janet Eadie opened The Original Pasty House, in Armada Way, last July, building on the success of the Tavistock business they took on in 2003.
They say that since making the £150,000 expansion investment a year ago, it has supported turnover growth across both outlets which they had not anticipated to achieve for 18 months.
Mr Eadie said: “By forging and maintaining strong links with the local and business communities our business is six to eight months further ahead than we planned.”
The couple are now looking to expand into other towns with a priority of establishing a foothold in Exeter.
Mr Eadie said that he was confident that it would have a premises established in the city within the next 12 months but that the market buzz created by the forthcoming John Lewis department store had seen commercial rents “soar.” He said: “We are waiting for this to stabilise and expect to have opened our third Pasty House by this time next year.”
The Exeter retail property sector is buoyant, according to Exeter-based Alder King’s latest Market Monitor report.
With John Lewis’s arrival building on the success that the Princesshay Shopping centre has had in drawing leading retail names in to the city centre, Alder King and other city property agents have reported knock-on growth in Exeter’s secondary retail zones, too.
Yet Alder King’s Dominic Rosenbaum said that while excitement generated by John Lewis has increased interest in the city this had yet to impact on property rents. He said: “Rental levels in Exeter are actually lower than they were several years ago.”