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Greggs eyeing 3000-plus stores after record performance

A bakery chain founded on Tyneside’s streets has pledged to expand to “significantly more than 3000 stores” following record results.

Greggs says it will continue bolstering its nationwide footprint after total sales topped £1.8 billion in 2023.

The firm, which began life selling eggs and yeast to North East families from a bicycle in the 1930s, also saw pre-tax profit rise £40 million to £188.3 million, with underlying pre-tax profit 13.1 per cent better off at £167.7 million.

Bosses say the sausage roll and pasty maker’s progress was fuelled by the expansion of its shop estate to nearly 2500, later opening hours and partnerships with delivery companies Just Eat and Uber Eats.

Hailing its performance, chief executive Roisin Currie – who said the business is targeting up to 160 net openings in 2024 – stands “very much on track” to deliver on a 2021 promise to double sales by 2026.

She said: “I am so proud of how our teams have risen to the challenge of serving more customers through more channels.

“Whether in our shops, our manufacturing sites, our distribution network or in Greggs House, our teams stepped up to make sure we kept pace with increased customer demand.”

And she added plans are in place to maintain the firm’s momentum.

They include the installation of a fourth production line at Greggs’ Newcastle-based Balliol Park site, which is tipped to increase savoury roll and bake manufacture by a third.

Additionally, the firm is “progressing well” to expand distribution capacity at hubs in Birmingham and Wiltshire, and plans to open two further bases in Derby and North Northamptonshire.

March 6, 2024

  • Business & Economy

Created by Kate Hewison