Greggs names new chair as revenues rise
The group has also reported pre-tax profit of £55.8m, up £0.3m compared with 2021 pre-tax profit of £55.5m.
Greggs has announced the appointment of Matthew Davies as an independent non-executive director and chair designate.
Davies joins the board with immediate effect, and will be appointed as chair on 1 November 2022, when the current chair, Ian Durant, steps down.
He is widely experienced in retail, and during his executive career held CEO positions at Tesco UK and Ireland, Pets at Home, and Halfords.
As a non-executive director, Davies chaired N Brown Group plc between 2018 and 2021, and was on the board of Dunelm Group plc between 2012 and 2015. He is chair of private equity-owned Hobbycraft, and is an operating partner at Advent International.
Durant said: “Greggs has undergone a transformation over the past decade and I am proud to have contributed to its achievements as Chair. Greggs has entered a new era, now under Roisin Currie’s leadership, and the business is in great shape with a clear strategy. I welcome Matt Davies as my successor as Chair and wish him well.”
Sandra Turner, senior independent director of Greggs, added: “On behalf of the Board I would like to thank Ian for his considerable contribution to the Greggs business over the past 11 years and we all wish him well for the future.”
Davies said: “I’m really delighted to be taking on this role. Greggs is a great business and a brand that I have long admired. I’m looking forward to working with the Board, Roisin and the senior management team to further develop the business over the coming years.”
The news comes as Greggs also released its interim results for 26 weeks ended 2 July 2022, reporting a pre-tax profits of £55.8m, up £0.3m compared with 2021 pre-tax profits of £55.5m.
The report also revealed revenues of £694.5m, compared with £546.2m in H1 2021.
Greggs has also opened 70 new shops in H1, with 12 closures; totaling 2,239 shops as at 2 July 2022.
Roisin Currie, CEO, said: “Greggs delivered an encouraging performance in the first half of the year with sales ahead of 2019 levels. These results demonstrate the continued strength of the Greggs brand and demand for our great tasting, quality and value for money offering.
“During the period we continued to make good progress with our strategic priorities, including expanding our shop estate and making Greggs more accessible to customers through extended trading hours and digital channels.”
