‘Some people still can’t access a Greggs,’ says boss – as she denies UK has reached ‘peak Greggs’

More now on Greggs – specifically, some interesting comments from its boss on the back of a drop in earnings over the summer.

The company watched its market value tumble this morning after it reported a 14.3% sales slide, the hot summer seemingly impacting Britons’ appetite for sausage rolls.

Its share price is now at its lowest point since 2020.

All of this follows a remarkable era of growth that culminated in £1bn of sales in the first six months of 2025. Last year, analysts at Panmure Gordon said nearly £2 of every £100 spent in the hospitality industry went to Greggs.

But now, analysts are beginning to ponder where the bakery chain with 2,649 stores is now at saturation point.

But its boss is defiant.

“I completely do not believe we’ve reached peak Greggs,” its chief executive, Roisin Currie, told Reuters in an interview.

“There are still significant parts of the UK where you cannot access a Greggs,” she added. 

She said the company was underrepresented in retail parks, supermarkets, roadside and transport locations.

Analysts’ view

“Greggs had warned profits would be lower than the same period last year, as the UK’s good weather stifled demand. This will do little to address fears the UK has hit peak Greggs.”

Zoe Gillespie, wealth manager at RBC Brewin Dolphin

“Lack of information on current trading has left investors wondering if the business has become as stale as a day-old Belgian bun. There are suggestions it has grown too fast, the menu is too bloated, and consumer tastes are changing. People want healthier options, and while Greggs has some of these in its stores, the core pastry-based items remain its bread and butter.”

Russ Mould, the investment director at broker AJ Bell

Having overtaken McDonald’s as a breakfast destination, Greggs has made moves into the evening market – but Ben Hunt, a research analyst at Panmure Liberum, said earlier this summer that “evening trading is not resonating with customers”.