Greggs returns to sales growth after strong Christmas- but plans to cut 410 jobs
Baker Greggs saw a 3.1 per cent rise in sales in the five-week festive period. But it still piled gloom onto staff by warning that up to 410 jobs are to be axed to save money.
Greggs saw a 3.1 per cent rise in sales in the five-week festive period. But it still piled gloom onto staff by warning that up to 410 jobs are to be axed to save money.
The baker said that of its 1671 stores, 79 still have in-store bakeries. These are now going to get stock from Greggs’ “regional bakery network”, meaning 300 bakers face redundancy.
The chain is also restructuring its management and support teams across the country, with another 110 staff facing the axe. The moves will cost the firm £9 million this year.
It comes despite strong demand for sandwiches, cakes and drinks helping Greggs’ like-for-like sales to grow 2.6 per cent in the fourth quarter, and accelerating to 3.1 per cent in the five weeks to Christmas.
Fuller tables at Garfunkel’s, Chiquito and Frankie & Benny’s last year helped owner The Restaurant Group to upgrade profit forecasts for the year.
Diners’ total bills last year totted up to 9 per cent higher than the previous year, TRG said, and it wasn’t just because of new openings. Only taking into account branches that had been open for more than a year, revenues were 3.5 per cent ahead.
The City was impressed and TRG shares rose almost 4 per cent, or 23.3p to 618.3p.
- 1 Amy Winehouse statue unveiled in Camden
- 2 Lego breaks out of the toy box and heads for the gallery
- 3 George Galloway on Scottish independence: The political class is doing what Hitler couldn’t – destroying Britain
- 4 Headaches, fry ups, and hair of the dog - why do we get hangovers, and is there such thing as a 'cure'?
- 5 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
Daniele Watts: Django Unchained actress detained in Los Angeles after being mistaken for a prostitute
George Galloway on Scottish independence: The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Scottish independence: Britain faces 'constitutional crisis' at next election
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
iJobs Money & Business
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
£35000 - £38000 per annum + Benefits: Ashdown Group: Training Coordinator / Pl...
Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)
£400 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...