Krispy Kreme is set to open 10 new stores a year over the next five years doubling its UK presence.

The doughnut maker entered the UK market in 2003 and now has 47 branches as well as concessions in 200 Tesco stores. It reported a 12.6% increase in sales to £33.4m for the year ending January 2011, although like-for-likes were up just 1.4%.

"Our strong performance is the product of our customers' passion for the brand, the quality and variety of our doughnuts and our carefully planned expansion," said joint MD Rob Hunt. "We are excited about growing into new UK markets and are confident in our expansion plans."

Former CFO Hunt was promoted to the position of joint MD last month as part of a management shake-up. He was joined in the role by former COO Richard Cheshire.

Krispy Kreme has opened six UK stores in the past year and the next opening is set for Leeds in July.