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Gloucestershire Business News

Greggs to pay £7million to staff as reward for an 'exceptional year'

An "exceptional year" for Greggs has led to all the company's staff receiving a weighty thank you.

The bakery giant released a fourth quarter trading update this morning that would have made good reading for the firm's 25,000 employees as they turned on the ovens.

While all Gregg's workers would have been pleased to know that sales were up by 13.5 per cent and full-year profit expectations are above expectations, it was other news that caught the eye.

Because after delivering a "strong finish" finish to that aforementioned exceptional year, the firm announced that a £7million bonus pot would be shared among its staff.

Equating to around £300 each for a full-time employee, the one-off bonus will be paid at the end of January.

Chief Executive Roger Whiteside said: "We delivered a strong finish to what has been an exceptional year for Greggs.

"The major investments we have made in recent years to make Greggs an attractive choice in the food-on-the-go market are delivering.

"Consumers are responding very positively and we have seen increasing visits from both new and existing customers.

"Our record financial performance in 2019 has enabled us to enhance returns to shareholders.

"I am delighted to announce that we will also be making a special additional payment to all of our colleagues across the business who have worked so hard to deliver this success in what has been a phenomenal year.

"Looking to the year ahead, we face strong sales comparatives and cost inflation headwinds present a challenge.

"However, with strong momentum in the business we see further growth opportunities across a number of channels as we invest in new ways to make Greggs more accessible and convenient for customers."

Greggs opened an additional 138 shops in 2019, closing 41. The store network to 2050 with a further 100 net shop openings during 2020.

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