- UK’s biggest retail baker (specialising in sandwiches, savouries and other bakery-related products, with a particular focus on takeaway food and catering)) with around 1,400 shops across Britain, and some in Belgium based in The Newcastle-Upon-Tyne
- Has grown from a Newcastle shop to a FTSE 250 success story in less than 80 years.
- Aims to capitalize on the country’s first recession in 17 years by snapping up vacated stores so it can add new outlets. The CEO said in December Greggs would speed up the rate of net bakery openings to 50 a year from 40 now starting in 2010.
- Forecast 2008 annual results in line with expectations after a 3.9% gain in second-half sales at outlets open at least a year.
- During the year, Greggs opened 67 new shops and closed 26, making a net addition of 41 shops and a total of 1,409 at December 27.
- Chief executive Ken McMeikan said: “I am pleased with our Christmas trading performance, particularly given the current economic environment and that we were building on strong like-for-like sales in the same period last year. I expect to report 2008 results in line with expectations. The trading outlook for 2009 is demanding and customers will continue to feel the impact of the economic downturn. As a cash generative business with no debt we remain well placed to weather the recession and benefit from opportunities for future growth.”
http://www.bloomberg.com/apps/news?pid=20601102&sid=aAn9gGbTlX5Q&refer=uk
