Bakery chain Greggs is to share a £17.6 million bonus among some of its employees after posting a record annual profit.
In a webcast detailing the business’ latest results, chief executive Roisin Currie explained that Greggs will continue to share 10% of its profits with team members with at least six months of service as part of its profit share agreement.
A total of 25,000 employees out of 32,000 across the UK will receive a bonus in their pay packets at the end of March as a result of a 27% increase in profit to £188 million.
The bakery chain also implemented an 8% overall wage and salary inflation in 2023 and expects to make around an increase of around 9.5% in 2024. This will include the impact of the 10% national living wage increase and enhancement of its pension benefits, with staff now able to access up to 6% employer contributions.
Currie said: “Reflecting on another year of rapid growth, I am so proud of how our teams have risen to the challenge of serving more customers through more channels. Whether in our shops, our manufacturing sites, our distribution network, or in Greggs House, our teams stepped up to make sure that we kept pace with the increased customer demand as we delivered on our strategic growth plan. We are very much on track to deliver our bold five-year growth plan to double sales by 2026 and to have significantly more than 3,000 shops in the UK over the longer term.”
Greggs additionally offers a staff discount of up to 50% off bakery produced goods and 25% off products outside of its standard range and bought-in products, sharesave schemes, an employee assistance programme, long-service awards, life assurance and health cash plans.