Greggs targets 160 new restaurants for 2024

The brand saw its sales grow by 19.6%.

Greggs has announced that it plans to open 140 to 160 restaurants in 2024 on the back of a 19.6% sales growth in the 52 weeks ended 30 December 2023.

In its fourth quarter trading update, Greggs said it ended 2023 with a cash position of £195m to support its further investment in its shop estate and supply chain capacity.

Greggs said inflationary pressures are reducing and the group anticipates a more stable cost base in the coming year. Wage inflation remains a challenge however Greggs believes this will provide support to consumer incomes

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"We enter 2024 with plans to continue to invest in our shops and expand supply chain capacity to deliver the growth strategy, supported by our strong balance sheet. Our value-for-money offer and the quality of our freshly prepared food and drink continue to evolve and position us well for further progress in the year ahead,” Roisin Currie, Chief Executive said.

Since 30 December 2023, Greggs has a total of 2,473 shops. 1,970 of those are company-managed shops and 503 are franchised units.