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Telegraph
06-07-2025
- Business
- Telegraph
Porky Britain loses its appetite for Greggs sausage rolls
Asked last year if she thought Britain was approaching 'peak Greggs', Roisin Currie laughed off the suggestion. The bakery chain's chief executive said this point was 'a long way off' as she announced plans to open dozens of new stores across the country following a surge in sales. Today, the prospect of Greggs' over-saturation is less of a laughing matter. After years of extraordinary growth, questions are being asked about whether the chain can maintain its upwards trajectory. Shares in the company plunged by more than 15pc this week after it warned June's scorching heatwave had dampened demand for its hot pastries and sausage rolls, and would lead to lower profits this year. In March, the company posted its slowest sales growth since the pandemic, warning it faces a tougher time in 2025. Investors' faith has been faltering all year, causing a slump of almost 40pc in its share price since January. Though it still offers a cheap meal, the chain has been forced to raise the cost of many of its best-sellers as the burden of paying for labour, ingredients and energy soared. Jonathan Pritchard, of investment bank Peel Hunt, believes these price rises are putting some shoppers off. Other challenges are on the horizon. Labour plans to force takeaway chains to cut customers' calories in an effort to tackle the nation's expanding waistlines. At the same time, Wes Streeting, the Health Secretary, has vowed to make appetite-suppressing weight-loss jabs easier to get on the NHS. 'We've had unseasonal weather or overly seasonal weather many times over the last 10 years, and they've sailed through that without too many problems. I do think it nods to something slightly more fundamental,' says Pritchard of last week's warning. Recipe for success Founded in 1951 in Newcastle, Greggs was largely a regional business until retail veteran Roger Whiteside took over in 2013 and led a march of expansion across the country. By ditching the traditional bakery side of the business, improving the coffee, revamping the shops and focusing on takeaway food, Whiteside – a former M&S executive – grew the chain to more than £1bn in revenues by 2018. He is widely credited with turning the once-hesitant British middle classes on to the wonders of the Greggs sausage roll. The invention of the £1 vegan version in 2019 sealed Greggs' newfound dominance on the high street, turning the chain into a viral sensation and winning over millions of younger fans. In 2022, Whiteside stepped down, passing the torch to Currie, a well-respected executive who previously led its people, retail and property operations. Greggs' winning streak continued during the first few years of her tenure. While the cost of living crisis hit more expensive brands, it helped the low-price bakery chain as demand soared for cheaper food. By the end of 2024, the chain's revenues had topped £2bn. Today it runs 2,649 shops – more than both McDonald's and Starbucks – and Currie has said she believes there is scope to reach as many as 3,500 in the long term. Obesity crackdown Yet the recent sales slowdown raises questions about whether this ambition is misplaced. Greggs was approached for comment. Some observers are also sceptical of Greggs efforts to try to conquer dinner time. In recent months the chain has been pitching its pizzas as a cost-efficient alternative to Domino's, while simultaneously increasing its focus on chicken dishes to compete with the likes of KFC. 'In the evenings there is absolutely tons of opposition, and it's difficult,' Pritchard says. 'They've tried to come with a value proposition, but you're up against Domino's, and you're up against people that have got enormous marketing budgets and consumer loyalty.' Simon Stenning, a hospitality industry expert and founder of Future Foodservice, believes Greggs is still good value and can give rivals a run for their money on price. 'If you're on your way to work, why wouldn't you buy a bacon roll and a coffee for £2.50, or whatever it is? I think in a world of comparisons where prices are known, they can get away with an extra 5p, 10p or 20p,' he says. He is more worried, however, that increasingly interventionist legislation could hamstring the bakery and other hospitality firms at a time when costs are high and growth is imperative. The Government is planning an ambitious clampdown on food companies that could see chains such as Greggs compelled to reduce diners' calorie intake. 'There's going to be taxation, legislation, nudging, nanny-state intervention to try to reduce our fast food consumption out of home,' Stenning says. 'That's going to be a slowing down.' Then there is the question of GLP-1 weight-loss drugs, which are rapidly growing in popularity in the UK. An estimated 1.5m people now take them. Currie has called them 'something on the horizon we are watching closely and understanding and learning about'. Greggs has made efforts to combat the perception that it is unhealthy and, under Currie, has been launching healthier options such as salads and lower-calorie bakes. But the reality is that GLP-1 drugs work by suppressing appetites, meaning people on them will be eating less. Currie insists that recent troubles are simply bumps in the road. But after a decade of dominance, the hard yards are ahead as Labour pushes Britons to ditch the sausage rolls.
Telegraph
02-07-2025
- Business
- Telegraph
Greggs hit by heatwave as shoppers shun sausage rolls
Bakery giant Greggs has warned that the recent heatwave led to shoppers buying fewer pastries, resulting in a sharp drop in the company's share price. In an update to investors, Greggs said 'very high temperatures' triggered a reduction in footfall across its stores, with shares falling by more than 14pc in early trading. The hotter weather increased demand for cold drinks, Greggs said, but customers have steered clear of its hot pastries and sausage rolls. It said this will lead to lower profits this year, fuelling concerns over the company's valuation after Greggs shares fell by 40pc in the last six months. Greggs' update came after the NHS warned the public to stay indoors on Tuesday as temperatures his 34.7C in some parts of the country. This followed weeks of warmer weather, with Met Office figures suggesting that this June was the hottest ever in England since records began in 1884. The latest profit warning will reignite the debate over Greggs' recent performance, as some customers question whether it is still good value after a string of price increases. In January, it raised the price of sausage rolls by 5p, blaming its higher wage bill, increased tax costs and ingredient increases. Roisin Currie, the chief executive of Greggs, said: 'We had to look at it around inflation headwinds. We came out of Covid in peak inflation territory.' Analysts at Peel Hunt said the weather had clearly hit Greggs, but they were equally concerned over 'the group's relative value proposition being eroded in the eye of the consumer'. Improved performance is key as Greggs pushes ahead with a major expansion drive, having opened 87 new shops in the first half of 2025. It now has 2,649 stores. The company said it was confident it would hit its target of opening up between 140 and 150 new stores by the end of the year. However, long-term plans to hit 3,500 stores have been described as overly ambitious by Peel Hunt. He said: 'This implies store densities of one Greggs for every 19,000 people, which comes well ahead of McDonald's store estate and ahead of Costa.'
Scottish Sun
24-06-2025
- Health
- Scottish Sun
Ozempic-like fat jabs are hitting supermarket sales as shoppers cut back on snacks, says Kantar
Prescriptions for the drugs rocketed from 1.4million in 2023 to 2.7million last year. JABS SHRINK SALES Ozempic-like fat jabs are hitting supermarket sales as shoppers cut back on snacks, says Kantar FAT jabs are shrinking supermarket sales, with grocery volumes falling 0.4% year-on-year, new figures reveal. Popular Ozempic-like weight loss drugs like Wegovy and Mounjaro are being blamed, as more shoppers cut back on snacks. 1 The drug - which works by triggering fullness hormones in the gut to prevent hunger and over-eating - has been available privately for weight loss for two years. Credit: Alamy Prescriptions for the drugs rocketed from 1.4million in 2023/24 to 2.7million last year. Thousands of patients in England can now access these jabs through their NHS GP, but analysts at Kantar said 4% of households already include at least one GLP-1 user - almost double the figure from last year. The drug - which works by triggering fullness hormones in the gut to prevent hunger and over-eating - has been available privately for weight loss for two years. Fraser McKevitt, head of retail and consumer insight at Kantar, said: "Supermarkets and grocery brands are entering new territory as weight loss drugs become more popular, with four in 100 households now including at least one GLP-1 user. "That's almost twice as many as last year, so while it's still pretty low, it's definitely a trend that the industry should keep an eye on as these drugs have the potential to steer choices at the till. "Four in five of the users we surveyed say they plan to eat fewer chocolates and crisps, and nearly three quarters intend to cut back on biscuits." In March, Greggs boss Roisin Currie said the rise in fat jab use might lead the bakery to offer smaller portions. While grocery volumes are falling, prices have surged 4.7% compared to last year - the highest inflation rate since March 2022. Prices rose from 4.1% last month and 3.8% in April. Despite the cost hike, shoppers made 490million supermarket trips in the past month - the most since March 2020 - averaging 17 visits per household. Spending per trip dipped slightly to £23.89. Watch Ellen's weight loss journey on fat jabs As temperatures rose, shoppers bought 2,400 packs of strawberries every minute in the last four weeks. Shoppers also traded up to more exotic fruits too, with sales of mangoes and blueberries climbing by 27% and 10% respectively. Shoppers also switched to cheaper own-label ranges, which grew 4.2 per cent, beating branded products. Meanwhile, consumer concerns over price are continuing, with sales of own label ranges growing 4.2% this month ahead of branded lines as shoppers looked to balance their budgets. Ocado was the fastest growing grocer with sales up 12.2% in the 12 weeks to June 15 to take a 1.9% share of the market. Lidl was the fastest grower among bricks and mortar grocers at 11.2% – its third consecutive month of double-digit growth to reach 8.1% of the market. Fellow discounter Aldi increased its share to 10.9% as sales rose by 6.5%. Tesco saw the highest share gain over the period, at 0.5 percentage points, taking it to 28.1% of the market. Asda's sales fell by 1.7% on a year ago, leaving it with a market share of 11.9%.
Fashion Network
24-06-2025
- Business
- Fashion Network
UK retailers near gender parity on boards, report shows
UK retailers have made significant progress in advancing boardroom gender equality, with women now holding nearly half of all board seats. According to a report published Tuesday by the British Retail Consortium and executive search firm The MBS Group, the proportion of female board members has increased to 47%, up from 32% in 2021. However, the outlook remains less encouraging for other underrepresented groups. Minority ethnic representation on boards has declined to 8%, down from 12% in 2024. The report also noted that more progress is needed at the executive level. The British retail sector has historically faced criticism for its male-dominated leadership and incidents of inappropriate behaviour. Earlier this year, Primark CEO Paul Marchant resigned following an investigation into his conduct involving a woman. Close to 90 companies, including Tesco Plc, Greggs, health and beauty retailer Boots, and fashion brand Burberry Group Plc, are signed up to the BRC's diversity and inclusion charter. The charter aims to track retailers' progress on key metrics, including efforts to eliminate bias in recruitment processes. According to the report, companies have increased investments in training future leaders, appointing diversity and inclusion specialists, and offering enhanced support for women navigating menopause. Notable figures include Greggs Plc Chief Executive Officer Roisin Currie, who has overseen the bakery chain's rapid expansion, and Ocado Retail Ltd. CEO Hannah Gibson. Both were recently recognized by King Charles III for their leadership contributions. 'Retailers should celebrate the enormous efforts made to ensure more women have a seat at the executive table,' said Helen Dickinson, CEO of the BRC. 'More than half of retail customer bases are women, so having their perspective is essential to success.'
Yahoo
13-06-2025
- Business
- Yahoo
Glasgow-raised Nationwide and Greggs bosses among businesswomen honoured
Nationwide's chief executive has said she is 'hugely proud' of her Glasgow background as she becomes a dame, joining the Scottish boss of Greggs and a raft of businesswomen to be recognised in the King's Birthday Honours. Debbie Crosbie, the only woman to lead a 'big six' bank in the UK, has been given a damehood for her services to financial services. Greggs chief executive Roisin Currie and Sky's boss Dana Strong have also been honoured in this year's list. Dame Debbie told the PA news agency: 'I try to encourage people to think beyond 'I'm a female', but when it comes to this (honour) I am actually hugely proud. 'I grew up in Glasgow, I wasn't different to any of my peer group, so to be given the opportunity to lead… I've had a massively rewarding career. 'As a woman, I hope that sends a message of opportunity and hope, not just to young people.' Dame Debbie said she was particularly honoured to be recognised as not just the only woman to lead a major high street bank in the UK, but also as a Scot. 'Lots of people talk about me being a female but I think most of my peer group have come from a much higher social demographic and they tended to be educated in either Oxford or Cambridge,' she told PA. 'I think having that diverse social mobility as well as gender is really important – we do a lot of work at Nationwide to try and encourage people from backgrounds who wouldn't traditionally think of themselves as able to go into these types of jobs.' Dame Debbie has had a more than 30-year career in banking, climbing the ranks of Clydesdale Bank before becoming chief executive of TSB bank in 2019. Since taking the top job at Nationwide in 2022, she led the building society's £2.9 billion acquisition of Virgin Money, which has seen it become the UK's second largest mortgages and savings provider. But Dame Debbie also said some of the work she was most proud of involved Nationwide's free dementia clinics, with some 30,000 appointments in 200 of its branches over the past year. She said the clinics 'really touch people' and she had received numerous messages of thanks from families who had used the service. Meanwhile, Roisin Currie, a fellow Glaswegian and alumni of Strathclyde University, has been made a Commander of the Order of the British Empire (CBE) for her services to hospitality. Ms Currie became the chief executive of Greggs in 2022 having joined the Newcastle-based bakery chain, popular for its sausage rolls, 12 years prior. Greggs has been growing rapidly across the UK and has set its sights on exceeding 3,000 shops, with Ms Currie overseeing the chain topping £2 billion in annual revenue for the first time last year. She spent nearly 20 years at Asda before joining Greggs as its people director in 2010. This year's King's Birthday Honours also recognises the group chief executive of Sky, Dana Strong, who has been made a CBE for her services to business and media. Ms Strong succeeded Jeremy Darroch, who led the broadcaster for more than a decade, when she took the top job in 2021 from her previous role as the president of one of Sky's owner Comcast's US businesses. The American businesswoman developed her telecoms career at Austar, which was a satellite subscription TV provider in regional Australia, before going on to hold executive positions at Virgin Media and Liberty Global. She has since overseen the launch of Sky Glass, the streaming TV that requires no satellite dish or box, and Sky Stream. Ms Strong said in a statement to PA that she was 'deeply humbled' by the honour, adding: 'It is a great privilege to serve in the UK's creative sector, and I am immensely proud of Sky's role in inspiring, enriching, and connecting lives across the country.' Other businesswoman to be honoured include the former chief executive of Microsoft UK, Clare Barclay, who has been made a dame for her services to business, technology and leadership. Dame Clare has been at Microsoft for more than 26 years, having joined as a sales and marketing manager, and now also chairs the Government's Industrial Strategy Advisory Council. Lyssa McGowan, the chief executive of Pets At Home, has been made Officer of the Order of the British Empire (OBE) for her services to retail. Sign in to access your portfolio
