Could Suffolk see more Greggs?
- Credit: Archant
Sausage roll fans could be in line for a treat as Greggs has announced it will open 100 new stores this year — some of which could be in Suffolk.
The positive move comes despite the fact that bosses at the chain announced a pre-tax loss of £13.7 million in 2020, compared with a £108.3 million profit a year earlier, with sales dropping from £1.17 billion to £811.3 million as stores closed their doors for large swathes of the year.
Delivery services and a partnership with Just Eat helped offset some of the falls, the company said, with 9.6% of total sales in the first 10 weeks of 2021 now coming via deliveries.
But the latest lockdowns and restrictions since the start of the year have hit overall sales, the company said, with like-for-like sales down 28.8% in the 10 weeks to March 13.
The company said the results for 2020 were slightly better than expected, considering the lockdowns, adding that it benefited from the furlough scheme and business rates holiday.
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Bosses added they have access to a new £100 million revolving credit facility to fund further expansion beyond the 2,078 stores in operation.
Greggs listed on the London Stock Exchange in 1984 and had never previously reported a loss since becoming a public company.
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