Sales at food retailer Greggs rose by 23 per cent in 2022 thanks to new store openings and the return of workers and shoppers to the high street.

The bakery chain said sales were £1.51 billion in 2022, compared with £1.23 billion in 2021. Sales grew by 18 per cent in the last quarter of 2022, boosting the year’s sales.

Greggs opened 186 new shops and closed 39 locations. The company operates 500 shops across the country and said that it will continue to expand with 150 new locations in 2023.

The company has a cash holding of £191 million to invest in its supply chain capacity in 2023. However, Greggs said inflation will continue to put pressure on its business and will affect the purchasing decisions of its customers.

Greggs attributed some of its growth to the popularity of seasonal lines and the growing demand for plant-based products.

Commenting on the news Roisin Currie, chief executive said: “I am proud of the progress Greggs made during 2022 in challenging conditions. Our teams did a magnificent job serving customers and managing the growing demand for Greggs products as we expand our shop estate and offer greater availability through digital channels and longer trading hours, whilst continuing to extend our menu to offer more choice.

“We enter 2023 in a strong financial position that will enable us to invest in shops and supply chain capacity to bring Greggs to even more customers across the UK. While market conditions in 2023 will remain challenging, our value-for-money offer of freshly prepared food and drink is highly relevant as consumers look to manage their budgets without compromising on quality and taste.”

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