Rolling in it: Greggs giving £7m in bonuses following vegan sausage success
Bakery chain staff rewarded as meat-free pastry sales pad out profits
Greggs employees are getting £300 bonuses in their pay packets this month as the bakery chain celebrates an “exceptional” year boosted by the success of its growing vegan range.
The payouts, totalling £7m, were announced as “the company’s latest trading update saw it upgrade full-year profit expectations”, Sky News reports.
The windfall comes after shareholders received a £35m special dividend payment in October. And the company already shares 10% of profits with employees as part of its benefits scheme, reports the BBC.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Greggs says profits have received a big boost thanks to its “now iconic” vegan sausage rolls, along with continuing demand for more traditional offerings.
The company launched the meat-free pastry, which has a Quorn filling, in January last year, and has since introduced a vegan steak bake and a vegan doughnut.
As customers tuck in, like-for-like sales grew by 8.7% in the fourth quarter of 2019, in what chief executive Roger Whiteside described as a “strong finish to what has been an exceptional year”.
A total of 19,000 staff who joined the company before 31 March 2019 will each receive the £300 bonus, while a further 6,000 employees who joined after this date will get £75 for each quarter-year that they have worked for the chain.
However, Greggs has sounded a cautionary note about the year ahead. The company does not expect the same level of growth during 2020, owing to higher costs from “a boost to the National Living Wage and higher pork prices”, a spokesperson said.
But Greggs will “continue to evolve our range to suit a broad variety of dietary choices”, the spokesperson added.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
What message is Trump sending with his Cabinet picks?
TODAY'S BIG QUESTION By nominating high-profile loyalists like Matt Gaetz and RFK Jr., is Trump serious about creating a functioning Cabinet, or does he have a different plan in mind?
By Rafi Schwartz, The Week US Published
-
Wyoming judge strikes down abortion, pill bans
Speed Read The judge said the laws — one of which was a first-in-the-nation prohibition on the use of medication to end pregnancy — violated the state's constitution
By Peter Weber, The Week US Published
-
US sanctions Israeli West Bank settler group
Speed Read The Biden administration has imposed sanctions on Amana, Israel's largest settlement development organization
By Rafi Schwartz, The Week US Published
-
Labour shortages: the ‘most urgent problem’ facing the UK economy right now
Speed Read Britain is currently in the grip of an ‘employment crisis’
By The Week Staff Published
-
Will the energy war hurt Europe more than Russia?
Speed Read European Commission proposes a total ban on Russian oil
By The Week Staff Published
-
Will Elon Musk manage to take over Twitter?
Speed Read The world’s richest man has launched a hostile takeover bid worth $43bn
By The Week Staff Last updated
-
Shoppers urged not to buy into dodgy Black Friday deals
Speed Read Consumer watchdog says better prices can be had on most of the so-called bargain offers
By The Week Staff Published
-
Ryanair: readying for departure from London
Speed Read Plans to delist Ryanair from the London Stock Exchange could spell ‘another blow’ to the ‘dwindling’ London market
By The Week Staff Published
-
Out of fashion: Asos ‘curse’ has struck again
Speed Read Share price tumbles following the departure of CEO Nick Beighton
By The Week Staff Published
-
Universal Music’s blockbuster listing: don’t stop me now…
Speed Read Investors are betting heavily that the ‘boom in music streaming’, which has transformed Universal’s fortunes, ‘still has a long way to go’
By The Week Staff Published
-
EasyJet/Wizz: battle for air supremacy
Speed Read ‘Wizz’s cheeky takeover bid will have come as a blow to the corporate ego’
By The Week Staff Published