• Latest News
  • Restaurant News
  • Hotel News
  • Catering News
  • Chef News
  • Pub & Bar News
  • Supplier News

Hospitality & Catering News

hospitality and catering news

Greggs eyes balance sheet and jobs

September 29, 2020

Greggs is now looking at job cuts as the impact from the government’s furlough scheme ending is set to shock their balance sheet.

Greggs is one of the familiar faces on most high streets employing circa 25,000 people and in a recent statement said it expects business activity to ‘remain below normal for the foreseeable future’.

The statement revealed the business is currently looking at employee costs and in discussion with employee representatives. The priority is to save jobs and to potentially do so by cutting employee hours rather than numbers, safeguarding workers.

Most of Greggs 25,000 workers throughout recent months have been on furlough and now it is unclear if they will now move to using the Chancellor’s Job Support Scheme. The new scheme was announced last week and is designed to ease the transition back to work for employers and employees.

With high street footfall still significantly down, it is hard to see how many Greggs outlets and employees can maintain their positions amidst reduced custom.

The scheme will replace the existing furlough programme which is coming to an end on 31 October. The vast majority of Gregg’s 25,000 workforce had been placed on furlough during lockdown. Since reopening in July, like-for-like sales are down circa 30% on the same period last year.

Shining some light on a challenging outlook Greggs said September sales had improved on the months prior from an increase in customer visits.

This time last year Greggs’ meat-free sausage roll has been the biggest vegan food launch of 2019 to date and helped raise profits significantly. In March 2019 Greggs announced sales had topped £100 million for the first time alongside a 15 per cent rise in profits.

Côte Restaurants acquired by Partners Group

Pizza Hut CVA process agreed by creditors

News from the hospitality and cratering industry is also being featured extensively in our Facebook and twitter social media accounts with the opportunity to engage with others in hospitality and share your views.

Copyright: All content in Hospitality & Catering News is protected by copyright. 

Hospitality & Catering News: Greggs eyes balance sheet – 29 Sept 2020 – Greggs eyes balance sheet

 

 

Email Newsletter

Subscribe to our email newsletter and keep a close eye on the UK hospitality and catering business

Grace Weaver AI

Join our growing email newsletter community by subscribing here

Join our growing email newsletter community by subscribing here
  • Facebook
  • Twitter

Search h&C NEWS

LBC’s James O’Brien reports on the people and skills shortages in hospitality

https://www.hospitalityandcateringnews.com/wp-content/uploads/2021/04/james-obrien-27-april.mp3

Supplier News

Circular economy specialist receives environmental award

Kitchen Porters Club launch Kitchen Porter of the Month

Puerto de Indias Sails in to Love Drinks Portfolio

AI and Quantum Computing’s role in shaping tomorrow’s hospitality and catering industry

Adopting circular economy policies and procedures in commercial kitchens

Water, essential for life and sustainability, please discuss

AI is transforming robot and cobot adoption in hospitality

Tackling food and energy waste in hospitality and catering

Image cobot waiter by SoftBank Robotics

Robots are increasingly meeting the evolving wants and needs of hospitality guests and operators

Krombacher’s Stephan Kofler completes pub pilgrimage

How to use reporting to identify trends and manage your P&L

HancNews

HancNews

News Categories

  • Latest News
  • Restaurant News
  • Hotel News
  • Catering News
  • Chef News
  • Pub & Bar News
  • Supplier News
Home | Privacy | Sitemap

Copyright © · Hospitality & Catering News