Thousands of Greggs workers will share a £17.6m bonus pot this month after the bakery chain famous for its sausage rolls and steak bakes said it had made a record annual profit and overtaken McDonald’s to become the UK’s most popular breakfast spot. Britain’s biggest bakery chain said 25,000 employees – out of a total of 32,000 across the UK – would receive a bonus in their pay packets at the end of March, as it reported a 27% jump in profits to £188m. Under a profit share agreement, Greggs shares 10% of profits each year with staff who have worked at the chain for at least six months. The payment to each employee varies: for example, someone working 22 hours a week with six years’ service will receive £765. Greggs said there was better news for its customers, too, with no further price rises planned this year. It increased prices by between 5p and 10p on some items in December but held down the cost of bestselling items including its sausage rolls and vegan sausage rolls. Greggs runs 2,473 shops after 145 net openings last year, including at Canary Wharf and Waterloo stations in London and at Gatwick airport. It intends to open up to 160 net new shops this year, as it is aiming for more than 3,000 UK stores over the longer term. Greggs shares were up 5% on Tuesday morning, making it one of the biggest risers on the FTSE 250.
