Greggs Plc reported £2.2bn revenue in FY2025, up 19% across 3 filed years.

Open filed source ↗
Where's the money from?
Revenue £2.2bn (FY2025), up 7% YoY
This is the total revenue line reported in the filed accounts.
Filed source ↗
Revenue trend
£1.8bn → £2.2bn
Revenue up about 19% across 3 filed years.
Filed source ↗
What do the filed figures show?
10.6% → 8.7%
Operating margin narrowed over the period.
Filed source ↗
Who's behind it?
8 active directors
Full board and backgrounds in the People tab.
Filed source ↗

food-on-the-go bakery retailer · uk · low complexity

Filing brief · Company record

Inside Greggs PLC

Report overview

Greggs grew turnover 7% in FY2025, yet profit after tax dropped £31m to £122m.

£70.8m Cash at bank vs £125.3m FY2024
£2.15bn Turnover vs £2.01bn FY2024
£167.4m Pre-tax profit vs £203.9m FY2024
£625.2m Net assets vs £570.5m FY2024
Greggs took more money than ever in FY2025 — £2.15bn in turnover, up 7% — and still ended the year with a fifth less profit than the year before. The gap between growing the top line and protecting the bottom line is the story this filing tells. Heavy investment is driving fixed assets up 16% to £1.25bn, cash has dropped 43% to £70.8m, and operating profit has slipped 4% even as the tills ring louder. The machine is expanding; the margin on that expansion is thinning.
Selective validation flags on FY2025 accounts — tap to open Verification and see which lines we cross-checked against the filed PDF.
Explore 02Financials 03Review 05People 07Detailed findings 08Filings 09Verification

Additional filing details · verification pending

Additional details were not published because the independent verification check was unavailable. This does not mean the filing contained no additional information.

See verification status →
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Company No.00502851
Statusactive
Latest accountsFY2025 accounts
Filed 19 May 2026 3 months ago

The story

What happened, in chapters

The year, beat by beat — each one a signal from the filing, source cited. Open the source detail on any beat for the supporting context.

Turnover Up, Profit Down

Revenue grew by £137m, but the profit shareholders actually received shrank by £31m.

-20%
Profit after tax FY2024 £153m FY2025 £122m
The source detail

Cost growth outpaced revenue growth in FY2025. Gross profit rose 6% — slightly slower than the 7% turnover increase — but the real squeeze came lower down the income statement, where operating profit fell 4% and profit before tax dropped 18%. The business is selling more and keeping less of each pound.

Source · P&L FY2024–FY2025

The Investment Surge

Fixed assets grew by £169m in a single year — the company is building hard.

+16%
Fixed assets FY2024 £1.1bn FY2025 £1.2bn
The source detail

Investing cash outflow jumped 27% to £284.5m in FY2025, the direct cause of fixed assets rising from £1.08bn to £1.25bn. That spending is deliberate expansion, not distress — operating cash of £337m comfortably covers it — but the pace of capital deployment is accelerating.

Source · Balance Sheet FY2025; Cash Flow Statement FY2025

Cash Is Thinning Fast

The cash pile fell 43% in a year, even as the business generated £337m from operations.

£337m Operating cash generated
vs
£71m Closing cash balance
The source detail

Operating cash generation actually improved to £337m, up 6%. But the combined pull of £284.5m in investing outflows and £107m in financing outflows — including shareholder returns — left the closing cash balance at £70.8m, nearly half what it was. The buffer is shrinking quickly.

Source · Cash Flow Statement FY2025; Balance Sheet FY2025

Ownership Is Fragmented

No person or entity holds more than 25% — or declares doing so — at Companies House.

  • Controlling shareholder None registered (fragmented / <25% threshold)
  • Listed entity (this company) Greggs plc — 00502851
  • Incorporated 29 December 1951, as Greggs Bakeries Limited

Source · PSC register, Companies House

Filing History Is Clean

Accounts filed on time; the company's corporate history is straightforward.

  • 30 Nov 2023 SH01 — capital allotment filed
  • 30 Dec 1983 Renamed from Greggs Bakeries Limited to Greggs plc
  • 19 May 2026 Most recent accounts filed
  • 1 Jun 2026 Resolutions filed

Source · Filing Signals; Name History, Companies House

The brief

Five questions, answered

Questions answered from this company's filings, with the source for every figure.

Q1 What liquidity figures are reported?

Cash closed FY2025 at £70.8m, down 43% from £125.3m in FY2024.

Operating cash generation was strong at £337m, up from £318.6m. However, current assets fell 19% to £195.9m while current liabilities for FY2025 are not disclosed in this filing. The cash position is real but its headroom against short-term obligations cannot be confirmed from the data available here.

Source · Balance Sheet FY2025; Cash Flow Statement FY2025

Q2 Are they actually making money, or just turning it over?

Both — but the gap is narrowing.

Turnover reached £2.15bn (+7%), gross profit £1.43bn (+6%), yet operating profit fell 4% to £187.5m and profit after tax dropped 20% to £122.2m. The gross margin is holding (roughly 67%), but costs between gross profit and operating profit grew faster than revenue. The business is genuinely profitable; the profit trajectory in FY2025 moved in the wrong direction.

Source · P&L FY2024–FY2025

Q3 Who owns and controls the business, really?

No Person with Significant Control is registered at Companies House, consistent with a widely held plc where no single shareholder breaches the 25% disclosure threshold.

Greggs plc has been incorporated since 1951 and listed under its current name since 1983. Effective control is distributed across institutional investors whose positions are not captured in this Companies House filing.

Source · PSC register; Name History, Companies House

Q4 Is the filing history clean, or are accounts late / amended?

Filing history is clean.

The most recent accounts were filed 19 May 2026, within statutory deadlines. There is one name change on record — Greggs Bakeries Limited became Greggs plc in December 1983 on flotation, which is routine. No amended or replacement accounts are flagged. A capital allotment (SH01) was filed November 2023 and a resolution in June 2026, both unremarkable for a listed group of this size.

Source · Filing Signals; Name History, Companies House

Q5 Which note disclosures merit attention?

The filing brief does not include note-level disclosures — charges, secured debt details, going-concern wording, or contingent liabilities are not captured in the data available here.

The headline figures show no negative equity and no going-concern signals, but note-level content would require review of the full filed accounts.

Honest limits

What the filings can't tell you

We surface gaps plainly rather than guess. Use the chapters and tabs below to dig into what is on record.

Data quality note

No prior-year capital expenditure figure is disclosed in the visible pages, preventing a year-on-year comparison of the £287.5m capex spend.

Which note disclosures merit attention?

The filing brief does not include note-level disclosures — charges, secured debt details, going-concern wording, or contingent liabilities are not captured in the data available here. The headline figures show no negative equity and no going-concern signals, but note-level content would require review of the full filed accounts.

Origin

Greggs PLC

Greggs is the UK's largest bakery and food-on-the-go chain, selling fresh baked goods, sandwiches, sausage rolls and drinks through thousands of company-managed shops and delivery. It bakes and retails its own products, operating across both manufacturing and retail.

Where the money comes from

Revenue £2.2bn (FY2025), up 7% YoY This is the total revenue line reported in the filed accounts.

At a glance

Key data

Founded 1951 3 years on file
Turnover £2.15bn ▲ +6.8% YoY
Pre-tax profit £167.4m ▼ 17.9% YoY
Auditor —

Timeline

How we got here

2025 01 of 20

Big year-on-year change

Profit after tax decline

Profit after tax fell 20% — from £153.4m to £122.2m.

2025 02 of 20

Expansion

Bitesize Greggs format launched

Greggs launched a new smaller-format store concept called 'Bitesize Greggs' at Sevenoaks railway station, targeting high-footfall locations with limited space as part of a broader expansion strategy.

2024 03 of 20

Joined the board

Tamara Jane Rogers joins the board

Tamara Jane Rogers was first appointed as a director on 1 June 2024.

2023 04 of 20

Joined the board

Nigel Gordon Mills joins the board

Nigel Gordon Mills was first appointed as a director on 7 March 2023.

2022 05 of 20

Joined the board

Matthew Samuel Davies joins the board

Matthew Samuel Davies was first appointed as a director on 2 August 2022.

2022 06 of 20

Expansion

Landmark Primark Birmingham opening

Greggs opened its largest location inside a Primark store in Birmingham, accompanied by a collaborative 'Greggs X Primark' clothing range, signalling a bold expansion into non-traditional retail formats.

2022 07 of 20

Leadership change

Roisin Currie appointed CEO

Roisin Currie succeeded Roger Whiteside as Chief Executive in May 2022, becoming the first woman to lead the company in its history.

2023 08 of 20

Where our data starts

Financial deep-dive begins

Earliest analysed accounts: FY2023. 40 years of earlier trading history are not in scope — this report pulls the most recent filed accounts from Companies House.

2022 09 of 20

Joined the board

Lynne Marie Weedall joins the board

Lynne Marie Weedall was first appointed as a director on 17 May 2022.

2020 10 of 20

Crisis

All stores closed for COVID-19

Greggs closed all of its stores in response to the COVID-19 pandemic, furloughing most employees, with the crisis later resulting in the cutting of 820 jobs as sales were severely impacted.

2017 11 of 20

Expansion

First drive-through Greggs opens

Greggs opened its first ever drive-through location at Irlam Gateway Service Station in Salford, marking a strategic entry into the convenience and drive-through market.

2017 12 of 20

Crisis

Colin Gregg convicted of abuse

Colin Gregg, brother of former CEO Ian Gregg and a figure associated with the company's philanthropic activities, was convicted on nine counts of indecent assault and sentenced to imprisonment until at least 2030.

2013 13 of 20

Notable event

Pivotal shift to food-on-the-go

New CEO Roger Whiteside replaced Ken McMeikan, and Greggs made a fundamental strategic pivot away from traditional bakery products to focus solely on the 'food on the go' market, which accounted for 80% of its business.

2001 14 of 20

Secured borrowing

Debenture paid off

Debenture fully satisfied on 18 August 2001 (Industrial and Commercial Finance Corporation Limited).

1996 15 of 20

Secured borrowing

Charge paid off

Charge fully satisfied on 28 June 1996 (The Council of the City of Manchester).

1994 16 of 20

Acquisition

Acquired Bakers Oven chain

Greggs acquired the Bakers Oven chain of bakers' shops from Allied Bakeries, significantly expanding its store count and geographic reach across the UK.

1983 17 of 20

Name changed

Rebrand

Previously incorporated as Greggs Bakeries Limited.

1972 18 of 20

Expansion

National expansion through acquisitions

Greggs began acquiring regional bakeries including Glasgow-based Rutherglen in 1972, followed by Leeds-based Thurston's in 1974 and several others in 1976, establishing a national footprint.

1971 19 of 20

Secured borrowing

Secured mortgage

Mortgage registered against the company on 25 February 1971 in favour of Gosforth Urban District Council.

1968 20 of 20

Secured borrowing

Secured legal charge

Legal charge registered against the company on 13 May 1968 in favour of The Gosforth Urban District Council.

Go deeper

Explore the evidence

Explore 02Financials 03Review 05People 07Detailed findings 08Filings 08Summary 09Verification

02 · Financials

The numbers, year by year

FY2025 accounts · Companies House (PDF accounts)

Scene 01 · Revenue

Turnover grew 19% across the period

From £1.81bn in FY2023 to £2.15bn in FY2025 — a 19% increase.

Annual Turnover vs Cost of Sales

FY2023 – FY2025 · Companies House (PDF accounts) · hover any point for the full year

Turnover Cost of Sales Gross Profit (shaded gap)
Latest turnover · FY2025 £2.15bn +6.8% vs prior year
Cost of sales · FY2025 £716.6m Gross margin 66.7% of turnover
Gross profit (implied) £1.43bn Turnover minus cost of sales
Across 2 years +19% £1.81bn → £2.15bn
FY2025 · £2.15bn
FY2023 FY2024 FY2025

Scene 02 · Metrics

The headline numbers

All figures in GBP (£) · as filed, not converted

Cash at bank £70.8m ▼ 43.5% vs £125.3m FY2024 Down 43.5% year on year.
Turnover £2.15bn ▲ +6.8% vs £2.01bn FY2024 Up 6.8% year on year.
Pre-tax profit £167.4m ▼ 17.9% vs £203.9m FY2024 Down 17.9% year on year.
Net assets £625.2m ▲ +9.6% vs £570.5m FY2024 Up 9.6% year on year.

Filing signals

Calculated indicators · 4 filed calculations

Cash burning fast Low debt Net assets growing Profitable
+ Review notes
  • Cash burning fast — Cash dropped 43.5% year-on-year — significant cash outflow
  • Low debt — Debt-to-equity of 0.0 — conservatively financed
  • Net assets growing — Net assets grew 9.6% year-on-year — the company is building value
  • Profitable — PBT of £167.4m on turnover of £2.15bn

Computed from · cash · net assets · current ratio · debt to equity · total liabilities

Financial performance trends

Revenue, profitability and operating growth over time

Turnover Gross profit Operating profit
FY2023 FY2024 FY2025
Financial year

Scene 05 · Full detail

Complete P&L statement

All metrics across FY2023–FY2025, now fully contextualised by the story above.

Profit and loss
GBP
Metric FY2023FY2024FY2025 Δ YoY
Turnover £1.81bn £2.01bn £2.15bn ▲ 7%
Cost of sales -£710.5m -£660.0m -£716.6m ▼ 9%
Gross profit £1.10bn £1.35bn £1.43bn ▲ 6%
Other operating income £20.3m £13.8m — —
Administrative expenses -£82.9m -£97.9m — —
Other operating costs derived -£844.2m -£1.07bn -£1.25bn —
Operating profit £192.3m £195.3m £187.5m ▼ 4%
Finance income £6.1m £8.1m £1.8m ▼ 78%
Finance costs -£10.1m -£13.6m -£17.4m ▼ 28%
Profit before tax £188.3m £203.9m £167.4m ▼ 18%
Tax -£45.8m -£50.5m -£45.2m ▲ 10%
Profit after tax £142.5m £153.4m £122.2m ▼ 20%
EBITDA (memo) £317.2m* £276.1m* £282.9m* ▲ 2%
Balance sheet
GBP
Metric FY2023FY2024FY2025 Δ YoY
Intangible assets £18.3m £24.9m £43.0m ▲ 73%
Tangible assets £510.3m £664.7m £1.39bn ▲ 109%
Investments £0 £0 £5.0m swung +
Total fixed assets £831.8m £1.08bn £1.25bn ▲ 16%
Stocks £48.8m £55.2m £55.7m ▲ 1%
Debtors £53.8m £62.4m £69.4m ▲ 11%
Cash at bank £195.3m £125.3m £70.8m ▼ 43%
Total current assets £297.9m £242.9m £195.9m ▼ 19%
Trade creditors -£211.1m -£243.9m -£143.4m ▲ 41%
Bank loans (current) — £0 -£25.0m swung −
Total current liabilities £272.5m £310.2m — —
Net current assets £25.4m -£67.3m -£151.8m ▼ 126%
Total assets less current liabilities — — — —
Bank loans (non-current) — £0 -£25.0m swung −
Long-term liabilities £326.3m £439.0m — —
Provisions £6.2m £6.3m £13.7m ▲ 117%
Net assets £530.9m £570.5m £625.2m ▲ 10%
Total equity £530.9m £570.5m £625.2m ▲ 10%
Cash flow
GBP
Metric FY2023FY2024FY2025 Δ YoY
Net cash from operating activities £310.8m £318.6m £337.0m ▲ 6%
Net cash used in investing activities -£191.2m -£224.8m -£284.5m ▼ 27%
Net cash used in financing activities -£115.9m -£163.8m -£107.0m ▲ 35%
Net increase / (decrease) in cash £3.7m -£70.0m -£54.5m ▲ 22%
Cash at end of year £195.3m £125.3m £70.8m ▼ 43%

Scene 04 · Waterfall

From revenue to profit

How the reported revenue, costs and tax figures combine to produce profit after tax. The table shows the filed flow for the latest year.

  1. Revenue£2.15bn
  2. Cost of sales−£716.6m
  3. Gross profit£1.43bn
  4. Operating costs−£1.25bn
  5. Operating profit£187.5m
  6. Tax−£65.3m
  7. Profit after tax£122.2m

FY2025 accounts · cascade view

04 · Filing notes

What the filings reveal

Filed records and calculated indicators
Screening No match recorded Sanctions · PEP · disqualified register Source-check records 3 filed items Listed from the screening output Filed disclosures 10 principal disclosures recorded From the filed accounts

Working capital + cash

Where the money sits

Four numbers that tell you how stretched the balance sheet is today. The line under each is in plain English — what the number means for the business, not what to do about it.

Profit-to-cash Cash conversion · earnings quality 180% The filing reports £1.80 of operating cash flow for each £1 of operating profit.
Debtor days Debtor days · working capital 12 The filing-derived debtor-days measure is 12 days.
Brand & goodwill share Intangibles ratio · asset quality 3.0% Most assets are physical or financial — buildings, cash, receivables. Easier to value.

Screening status

Independent checks completed

No critical filing notesNo critical source pattern Sanctions check · No matchScreening completed PEP screen · No match recordedPEP sources · 0 matches Disqualified directors · NoneCH disqualified register · clear Status · Active

Compliance signals

What the compliance pass surfaced

Weak sanctions name overlap

Screening returned a partial name overlap: 'ELSARKY, Mohamed' against 'Mohamed' on the Syria (Sanctions) (EU Exit) Regulations 2019 list (85% name similarity). No identifier corroboration — an unconfirmed overlap, not a confirmed hit.

Weak sanctions name overlap

Screening returned a partial name overlap: 'ELSARKY, Mohamed' against 'Mohamed' on the Syria (Sanctions) (EU Exit) Regulations 2019 list (85% name similarity). No identifier corroboration — an unconfirmed overlap, not a confirmed hit.

No PEP or disqualified-director matches identified

All 40 screened individuals returned clean results across UK and global PEP registers and the Companies House disqualified-directors register.

Principal disclosures

As disclosed in the filed accounts

01

Climate change and extreme weather

Extreme weather events, acute/chronic temperature changes and rising sea levels could impact operations and value chain. Greggs embeds climate risks in strategic risk registers and targets net zero by 2040.

02

Cyber security

Cyber threats are intensifying, increasing risk to operational systems and sensitive data. Treated as a core business risk with technical, operational and people-focused controls aligned to industry standards.

03

Allergen management

Material risk associated with allergen management in food products. Strong progress has been made with Board-level oversight on ongoing measures to protect customers.

04

Geopolitical uncertainty

Global tensions and conflicts create unpredictable operating conditions. Mitigated through diversified sourcing, strong supplier relationships and ongoing scenario planning.

05

Retail crime

Rise in theft and anti-social behaviour impacts profitability and colleague safety. Enhanced physical and digital security measures including Auror technology rolled out across all shops.

Governance & subsequent events

Who controls this entity, what's changed since year-end

Post-balance-sheet event

January 2026 Filed disclosure

Tesco partnership extended to a further 1,900 Tesco Express stores from January 2026.

Post-balance-sheet event

6 March 2026 Filed disclosure

Kate Ferry retired from the Board on 6 March 2026.

Post-balance-sheet event

1 February 2026 Filed disclosure

Richard Smothers joined the Board on 1 February 2026 and will assume role of Chair of the Audit Committee following Kate Ferry's retirement.

Post-balance-sheet event

May 2026 Filed disclosure

Mohamed Elsarky steps down after the Annual General Meeting in May 2026.

04 · Market

Registered activities

Companies House SIC2007 classifications · optional comparison

Industry classification

Multiple SIC divisions recorded

Companies House records the SIC2007 classification for this entity under 2 codes: 10710, 47240.

Sector context · thin

No segment, concentration, or stated-priorities block was available in the retained filing data for this report. The SIC classifications above describe the registered activities.

05 · People

The people behind the company

8 active directors · 0 PSCs · 27.8m UK appointments cross-referenced

Every named director was cross-checked against the full UK Companies House appointments dataset (27.8 million records). The four numbers below summarise what we found across the board — each director's individual breakdown is shown in the grid further down.

Directors analysed 8 2 corporate · cross-checked against 27.8m records
Avg failure rate 1.6% share of prior companies that went into liquidation / dissolution
Max concurrent boards 12 most active director sits on 12 boards · 3.1 avg
Phoenix signals 0 no director linked to dissolved-and-restarted companies

Each director, individually

Career history + cross-references

Role Director Career boards Concurrent Prior-failure rate Joined Other UK boards
Director
Nigel Gordon Mills British · England
12 4 0.0% 1 June 1992
Director
Richard John Hutton British · United Kingdom
16 1 failed 12 busy 6.2% 31 January 2005
Director
Lynne Marie Weedall British · United Kingdom
9 4 0.0% 11 October 2012
Director · active
Mohamed Elsarky British, Australian · United States
1 — — 21 June 2021 —
Director
Roisin Helen Currie British · England
3 3 0.0% 2 November 2021
Director · active
Matthew Davies British · England
1 — — 2 August 2022 —
Director · active
Richard Smothers British · England
2 2 — 3 January 2023
Director · active
Tamara Rogers British · England
1 2 — 1 June 2024 —
Director · active
Ikdeep Singh American, Canadian · England
1 — — 1 July 2026 —

Co-director network

Who sits on other UK boards alongside these directors

People who share at least one other UK directorship with someone on this board. Sorted by overlap count. Click any shared boards chip to reveal the companies they overlap on.

MR Andrew John Davison 724 career appointments · 6 failed · 0.8% failure rate 10 shared boards
  • Northern Recruitment Group Limited No. 01756216 · Director · Active
  • Olivers (U.k.) Limited No. SC060973 · Director · Active
  • Olivers (U.k.) Development Limited No. SC062558 · Director · Active
  • Greggs Properties Limited No. 00205042 · Director · Active
  • Charles Bragg (Bakers) Limited No. 00372923 · Director · Active
  • Greggs (Leasing) Limited No. 00382128 · Director · Active
  • J.r.birkett & Sons,limited No. 00340016 · Director · Active
  • Birketts Holdings Limited No. 03246455 · Director · Active
  • Thurston Parfitt Limited No. 00897334 · Director · Active
  • THE Alnwick Garden Trust No. 04584694 · Director · Active
MR Malcolm Simpson 17 career appointments · 2 failed · 11.8% failure rate 9 shared boards
  • Northern Recruitment Group Limited No. 01756216 · Director · Active
  • Olivers (U.k.) Limited No. SC060973 · Director · Active
  • Olivers (U.k.) Development Limited No. SC062558 · Director · Active
  • Greggs Properties Limited No. 00205042 · Director · Active
  • Charles Bragg (Bakers) Limited No. 00372923 · Director · Active
  • Greggs (Leasing) Limited No. 00382128 · Director · Active
  • J.r.birkett & Sons,limited No. 00340016 · Director · Active
  • Birketts Holdings Limited No. 03246455 · Director · Active
  • Thurston Parfitt Limited No. 00897334 · Director · Active
SIR Michael John Darrington 16 career appointments 9 shared boards
  • Northern Recruitment Group Limited No. 01756216 · Director · Active
  • Olivers (U.k.) Limited No. SC060973 · Director · Active
  • Olivers (U.k.) Development Limited No. SC062558 · Director · Active
  • Greggs Properties Limited No. 00205042 · Director · Active
  • Charles Bragg (Bakers) Limited No. 00372923 · Director · Active
  • Greggs (Leasing) Limited No. 00382128 · Director · Active
  • J.r.birkett & Sons,limited No. 00340016 · Director · Active
  • Birketts Holdings Limited No. 03246455 · Director · Active
  • Thurston Parfitt Limited No. 00897334 · Director · Active
MR Jonathan David Jowett 184 career appointments · 1 failed · 0.5% failure rate 8 shared boards
  • Northern Recruitment Group Limited No. 01756216 · Director · Active
  • Olivers (U.k.) Limited No. SC060973 · Director · Active
  • Olivers (U.k.) Development Limited No. SC062558 · Director · Active
  • Greggs Properties Limited No. 00205042 · Director · Active
  • Charles Bragg (Bakers) Limited No. 00372923 · Director · Active
  • Greggs (Leasing) Limited No. 00382128 · Director · Active
  • J.r.birkett & Sons,limited No. 00340016 · Director · Active
  • Birketts Holdings Limited No. 03246455 · Director · Active
MR Ian Davis Gregg 10 career appointments 7 shared boards
  • Northern Recruitment Group Limited No. 01756216 · Director · Active
  • Olivers (U.k.) Limited No. SC060973 · Director · Active
  • Olivers (U.k.) Development Limited No. SC062558 · Director · Active
  • Greggs Properties Limited No. 00205042 · Director · Active
  • Charles Bragg (Bakers) Limited No. 00372923 · Director · Active
  • Greggs (Leasing) Limited No. 00382128 · Director · Active
  • J.r.birkett & Sons,limited No. 00340016 · Director · Active
Peter Richard Meinertzhagen 13 career appointments 4 shared boards
  • Rbos (Uk) Limited No. 02026375 · Director · Active
  • Persimmon Public Limited Company No. 01818486 · Director · Active
  • THE Queen's Club Limited No. 00023072 · Director · Active
  • QC Ground Limited No. 05724660 · Director · Active
Shirley Juliet Brasher 12 career appointments · 1 failed · 8.3% failure rate 3 shared boards
  • Rbos (Uk) Limited No. 02026375 · Director · Active
  • Persimmon Public Limited Company No. 01818486 · Director · Active
  • THE Queen's Club Limited No. 00023072 · Director · Active
MR James Andrew Cane 30 career appointments · 1 failed · 3.3% failure rate 3 shared boards
  • Rbos (Uk) Limited No. 02026375 · Director · Active
  • Persimmon Public Limited Company No. 01818486 · Director · Active
  • THE Queen's Club Limited No. 00023072 · Director · Active
MR Ian Charles Durant 94 career appointments 2 shared boards
  • Greene King Limited No. 00024511 · Director · Active
  • Shel Holdings Europe Limited No. 07826605 · Director · Active
MRS Sandra Turner 10 career appointments 2 shared boards
  • Greene King Limited No. 00024511 · Director · Active
  • Shel Holdings Europe Limited No. 07826605 · Director · Active

Corporate hierarchy

Group structure on file

Subsidiaries pulled from Companies House cross-references — entities Greggs PLC directly controls.

Subsidiary · Active Greggs (Leasing) Limited
Number00382128
Subsidiary · Active Greggs Properties Limited
Number00205042
Subsidiary · Dissolved Greggs Trustees Limited
Number03475726

Group · collective view

Group at a glance

A comparison of 4 separately-filed entities — not a statutory consolidation. Each company files its own accounts at Companies House; figures are summed where comparable, and flagged where not.

Across the 4 companies grouped under GREGGS PLC, 1 filed financial figures, with combined net assets of £625.2m (summed, not consolidated) — of which about 100% sits with GREGGS PLC. 1 are trading and 2 are dormant or non-trading on the latest filings. Secured charges are recorded against 1 of the 4 companies. On record: GREGGS (LEASING) LIMITED (dormant) and GREGGS PROPERTIES LIMITED (dormant).

Combined net assets £625.2m Summed, not consolidated · 1 of 4 report figures
Entities 4 1 trading · 2 dormant · 1 unknown
Concentration 100% of net assets sit in Greggs PLC
Direction — 0 growing · 0 declining · 1 with charges
EntityScale Net assetsEmployees TurnoverTrend ChargesStatus
Greggs PLC 00502851 · FY2025 Full £625.2m — £2.2bn · — Active
Greggs (Leasing) Limited 00382128 Dormant — no trading activity filed Dormant — — — · — Active
Greggs Properties Limited 00205042 Dormant — no trading activity filed Dormant — — — · 8 Active
Greggs Trustees Limited 03475726 Unknown — — — · — Dissolved
  • Greggs (Leasing) LimitedDormant — no trading activity filed
  • Greggs Properties LimitedDormant — no trading activity filed

Group · structure map

How the group fits together

Each circle is one company in the group, sized by net assets and coloured by filing signals. Lines show the evidenced connections between them — ownership, shared directors, or a shared charge. Arranged top-to-bottom by ownership. A comparison of separately-filed entities, not a statutory consolidation.

Subsidiary of GREGGS PLC — Companies House group hierarchy Subsidiary of GREGGS PLC — Companies House group hierarchy Subsidiary of GREGGS PLC — Companies House group hierarchy Greggs £625.2m ! Greggs (Leasing) Dormant ! Greggs Properties Dormant Greggs Trustees —

Group · inter-company exposure

How the entities are connected

These are the evidenced links between the separately-filed entities — the connections a consolidated set of accounts would net out. Each link shows the register it was drawn from, so it can be checked rather than taken on trust.

3 control links

  • About 100% of the group's positive net assets sit with GREGGS PLC (summed, not consolidated).

    Greggs PLC

    Evidenced link Source · Filed accounts / Companies House

Corporate group

The wider business

GREGGS PLC is connected to 3 subsidiaries and 1 related entity across the wider group. Each link shows its evidence, so the grouping can be checked rather than taken on trust.

Subsidiary · Active Greggs (Leasing) Limited
Number00382128
Ch HierarchyCompanies House group hierarchy — subsidiary
Subsidiary · Active Greggs Properties Limited
Number00205042
Ch HierarchyCompanies House group hierarchy — subsidiary
Subsidiary · Dissolved Greggs Trustees Limited
Number03475726
Ch HierarchyCompanies House group hierarchy — subsidiary
Related THE Greggs Foundation Trustee
Shared Directors2 shared active directors
+ Show the 31 resigned officers

Historical board

Resigned network

Every officer who has left the company, newest-resignation first. Helps spot waves of churn that wouldn't show on the active-director cards alone.

1995

Neil Calvert

Secretary Resigned 25 April 1995
2010

Andrew John Davison

Secretary Served 1995 → 2010
2025

Jonathan Jowett

Secretary Served 2010 → 2025
2010

Roger Herbert Kellett

Secretary Served 2005 → 2010
2017

Martin Philip Kibler

Secretary Served 2010 → 2017
2022

Raymond Robert Reynolds

Secretary Served 2017 → 2022
2026

Alicia Marie Ryan

Secretary Served 2004 → 2026
2014

Julie Margaret Baddeley

Director Served 2005 → 2014
2012

Robert Frederick Bennett

Director Served 2003 → 2012
1995

Neil Calvert

Director Resigned 1 October 1995
2008

Stephen William Curran

Director Resigned 13 May 2008
2009

Michael John, Sir Darrington

Director Resigned 13 May 2009
2022

Ian Charles Durant

Director Served 2011 → 2022
2004

Sonia Irene Linda Elkin

Director Served 1992 → 2004
2026

Mohamed Elsarky

Director Served 2021 → 2026
2014

Iain George Thomas Ferguson

Director Served 2009 → 2014
2026

Catherine Elizabeth Ferry

Director Served 2019 → 2026
2023

Helena Louise, Dr Ganczakowski

Director Served 2014 → 2023
2008

Ian, Sir Gibson

Director Served 2006 → 2008
2001

Colin Stuart Gregg

Director Resigned 9 May 2001
2007

Ian Davis Gregg

Director Resigned 14 May 2007
2006

Susan Johnson

Director Served 2000 → 2006
2019

Allison Kirkby

Director Served 2013 → 2019
2013

Kennedy Mcmeikan

Director Served 2008 → 2013
2021

Peter Laurence Mcphillips

Director Served 2014 → 2021
2013

Derek Nigel Donald Netherton

Director Served 2002 → 2013
1998

David James Parker

Director Served 1993 → 1998
2017

Raymond Robert Reynolds

Director Served 2006 → 2017
2007

Malcolm Simpson

Director Resigned 14 May 2007
2023

Sandra Turner

Director Served 2014 → 2023
2022

Roger Mark Whiteside

Director Served 2008 → 2022

06 · Filing review

Filing brief open · File no. 00502851 · 12 September 2026 · Filing evidence · 12 pages cited · Source-linked findings · 28

Greggs Plc reported £2.2bn revenue in FY2025, up 19% across 3 filed years..

Source-linked review across 100 Companies House filings. 28 page-cited findings from three source checks, 2 cross-signal correlations, and 4 source-check questions — every material statement traces back to a filing reference.

Key findings
3
Verified material findings
Open summary →
Context
11
Context to the summary
Open filing context →
Supporting
14
Supporting facts
Open detailed findings →
Evidence
12
Distinct pages cited
Open verification →

Key findings are the highest-materiality statements. Context and supporting facts remain available below.

Start here

The short version, then the evidence

Read the summary first. Open the detailed findings when you want the supporting facts, and the verification chapter when you want to see how the record was checked.

See detailed findings →
01Read the summaryWhat the filed record shows at a glance. 02Open the evidenceSupporting facts and detailed findings. 03Check the sourceHow the figures and statements were checked.

Filing context

What the numbers, the board, and the ownership say

Filed figures, board records and ownership information in one view.

Balance sheet

Fixed assets hit £1.25bn in FY2025 — up 49.8% in two years — as the estate expansion rolls on. Net assets grew to £625.2m, but cash fell to £70.8m, the lowest in the dataset. The balance sheet is getting bigger, but the cash buffer is thinner.

Open filed source ↗
Board

Roisin Currie (CEO) also sits on Howden Joinery Group Plc board — notable cross-directorship worth monitoring for time commitment.

Open filed source ↗
Ownership

Listed PLC — no single controlling shareholder; institutional ownership typical of large UK-listed companies. The Greggs Foundation appears as a connected entity via director cross-appointments — a charitable foundation, not an ownership structure.

Open filed source ↗

Filed accounts · Chapter detail

The filing, chapter by chapter

Each chapter groups related filing facts and keeps the cited source detail close to the statement.

Turnover Up, Profit Down

Revenue grew by £137m, but the profit shareholders actually received shrank by £31m.

-20%
Profit after tax FY2024 £153m FY2025 £122m
The source detail

Cost growth outpaced revenue growth in FY2025. Gross profit rose 6% — slightly slower than the 7% turnover increase — but the real squeeze came lower down the income statement, where operating profit fell 4% and profit before tax dropped 18%. The business is selling more and keeping less of each pound.

Source · P&L FY2024–FY2025

The Investment Surge

Fixed assets grew by £169m in a single year — the company is building hard.

+16%
Fixed assets FY2024 £1.1bn FY2025 £1.2bn
The source detail

Investing cash outflow jumped 27% to £284.5m in FY2025, the direct cause of fixed assets rising from £1.08bn to £1.25bn. That spending is deliberate expansion, not distress — operating cash of £337m comfortably covers it — but the pace of capital deployment is accelerating.

Source · Balance Sheet FY2025; Cash Flow Statement FY2025

Cash Is Thinning Fast

The cash pile fell 43% in a year, even as the business generated £337m from operations.

£337m Operating cash generated
vs
£71m Closing cash balance
The source detail

Operating cash generation actually improved to £337m, up 6%. But the combined pull of £284.5m in investing outflows and £107m in financing outflows — including shareholder returns — left the closing cash balance at £70.8m, nearly half what it was. The buffer is shrinking quickly.

Source · Cash Flow Statement FY2025; Balance Sheet FY2025

Ownership Is Fragmented

No person or entity holds more than 25% — or declares doing so — at Companies House.

  • Controlling shareholder None registered (fragmented / <25% threshold)
  • Listed entity (this company) Greggs plc — 00502851
  • Incorporated 29 December 1951, as Greggs Bakeries Limited

Source · PSC register, Companies House

Filing History Is Clean

Accounts filed on time; the company's corporate history is straightforward.

  • 30 Nov 2023 SH01 — capital allotment filed
  • 30 Dec 1983 Renamed from Greggs Bakeries Limited to Greggs plc
  • 19 May 2026 Most recent accounts filed
  • 1 Jun 2026 Resolutions filed

Source · Filing Signals; Name History, Companies House

Cross-chapter connections

Linked facts across the filing

Pairs of filed facts that refer to the same movement, balance or disclosure, shown together with their chapter references.

The 43% cash drop visible in [chapter 3] is the direct result of the accelerating capital programme shown in [chapter 2] — £284.5m invested in a single year against a closing cash balance of only £70.8m.

Profit after tax fell 20% [chapter 1] in the same year the board authorised a new resolution and continued shareholder returns via £107m financing outflows [chapter 5] — suggesting distributions were maintained despite the earnings decline.

Additional filed details

Details from the filing

Selected details from the retained filing data, shown alongside the source-linked summary.

01

Operating cash far exceeds stated profit

Consistent with a large, asset-heavy retailer carrying significant depreciation on £1.25bn of fixed assets. Depreciation reduces stated profit but is not a cash outflow. The business is generating considerably more real cash than the P&L profit figure suggests — a relevant nuance for anyone assessing day-to-day payment capability.

Open filed source ↗
02

Trade creditor balance fell sharply in FY2025

A large drop in trade creditors could reflect earlier payment of suppliers, a change in payment terms, or a reduction in stock purchasing. It reduces the amount of supplier credit the business is using, which in turn increases the cash it needs to hold — consistent with the 43.5% drop in cash at bank in the same year.

Open filed source ↗
03

Revenue growth rate is slowing

The pace of top-line expansion is decelerating. If the same pattern continues into FY2026, and costs remain elevated, the profit squeeze seen in FY2025 is likely to persist. The filing does not explain the cause of the slowdown.

Open filed source ↗

Source-linked review · 28 findings

Detailed findings from the filed accounts

Segmental revenue · capital structure · strategic KPIs. Each material statement includes its filing-page reference.

01

Segment information

Retail shops dominate revenue at 88% of group total

Retail company-managed shops generated £1,897.2m of the £2,151.2m total 2025 revenue (88.2%). Business-to-business (franchise/wholesale) contributed £254.0m (11.8%). Prior year: retail £1,781.7m, B2B £232.7m, total £2,014.4m.

p.5 · 5 related findings

02

Reported indicators

Like-for-like sales growth slowed sharply to 2.4%

LFL sales grew 2.4% in 2025, down from a higher prior-year base, with total sales up 6.8% to £2,151m (2024: £2,014m).

p.2, p.11 · 11 related findings

03

Capital structure

Only £25m drawn on revolving credit facility

Total borrowings at 27 December 2025 were £25.0m, all from a revolving credit facility, classified as non-current. Prior year borrowings were nil.

p.162 · 9 related findings

+ Show all 28 detailed findings

Segment information (6)

01

Retail shops dominate revenue at 88% of group total

Retail company-managed shops generated £1,897.2m of the £2,151.2m total 2025 revenue (88.2%). Business-to-business (franchise/wholesale) contributed £254.0m (11.8%). Prior year: retail £1,781.7m, B2B £232.7m, total £2,014.4m.

p.5 Primary

02

Retail segment trading profit fell while B2B held up

Retail trading profit dropped from £277.3m (2024) to £251.4m (2025), a fall of £25.9m or 9.3%. B2B trading profit rose from £55.5m to £66.5m, up £11.0m or 19.8%. Combined trading profit fell from £332.8m to £317.9m.

p.5 Primary

03

Group profit before tax fell from £203.9m to £167.4m

After overheads (£146.8m), lease interest add-back (£16.4m), finance income (£1.8m), finance expense (£17.4m) and exceptional items (£4.5m), profit before tax was £167.4m in 2025 vs £203.9m in 2024, a drop of £36.5m (17.9%).

p.5 Primary

04

B2B profit share growing — now 21% of combined trading profit

B2B trading profit was £66.5m in 2025 vs £55.5m in 2024. Its share of combined segment trading profit rose from 16.7% (£55.5m/£332.8m) to 20.9% (£66.5m/£317.9m), a shift of over 4 percentage points.

p.5 Context

05

Retail segment revenue grew 6.5% but costs rose faster

Retail revenue grew from £1,781.7m to £1,897.2m (+£115.5m, +6.5%). However, retail cost of sales plus supply and retail costs totalled £1,645.8m in 2025 vs £1,504.4m in 2024 (+£141.4m, +9.4%), meaning cost growth outpaced revenue growth.

p.5 Context

06

All revenue is from the UK — no geographic diversification

The notes state explicitly that all results arise in the UK for both 2025 and 2024. There is no geographic segment split beyond this single-country disclosure.

p.5 Supporting

Reported indicators (12)

01

Like-for-like sales growth slowed sharply to 2.4%

LFL sales grew 2.4% in 2025, down from a higher prior-year base, with total sales up 6.8% to £2,151m (2024: £2,014m).

p.2, p.11 Context

02

Pre-tax profit fell 8.5% — profits going the wrong way

Pre-tax profit (excluding exceptional items) dropped to £171.9m in 2025 from £189.8m in 2024, a fall of £17.9m.

p.2, p.11 Context

03

Earnings per share dropped from 137.5p to 122.8p

Diluted earnings per share fell to 122.8p in 2025 from 137.5p in 2024, a drop of 10.7%.

p.2, p.11 Context

04

Capital spend jumped to £287.5m — big investment programme underway

Capital expenditure reached £287.5m in 2025. No single prior-year capex figure is disclosed on visible pages.

p.12 Context

05

Greggs App now drives 26.7% of all shop transactions

26.7% of all company-managed shop transactions were accompanied by an App scan in 2025, up from 20.1% in 2024.

p.6 Context

06

Total sales hit record £2,151m — still growing overall

Total sales grew 6.8% to £2,151m in 2025, up from £2,014m in 2024.

p.2, p.11 Supporting

07

Dividend held flat at 69.0p — no growth for shareholders

Total ordinary dividend per share was 69.0p in 2025, unchanged from 69.0p in 2024.

p.2, p.5 Supporting

08

Return on capital employed fell to 16.0%

ROCE was 16.0% in 2025. No prior-year ROCE figure is explicitly stated on the pages shown.

p.12 Supporting

09

Cash generation remains strong at £273.7m after lease payments

Net cash inflow from operating activities after lease payments was £273.7m in 2025.

p.12 Supporting

10

Colleague profit-sharing dipped slightly to £20.2m

Colleague profit-sharing was £20.2m in 2025, down from £20.5m in 2024.

p.2, p.5 Supporting

11

Evening sales growing fast — now 9.4% of food sales

Evening (post-5pm) sales were 9.4% of company-managed food sales in 2025, up from 9.0% in 2024.

p.8 Supporting

12

Delivery now 6.8% of company-managed sales — up from 6.7%

Delivery sales represented 6.8% of company-managed sales in 2025, edging up from 6.7% in 2024, with 1,632 shops offering delivery.

p.6 Supporting

Capital structure (10)

01

Only £25m drawn on revolving credit facility

Total borrowings at 27 December 2025 were £25.0m, all from a revolving credit facility, classified as non-current. Prior year borrowings were nil.

p.162 Context

02

IFRS 16 lease liabilities total £449.8m — the real financing load

Lease liabilities were £449.8m at year end (£62.5m current, £387.3m non-current), up from £415.1m in 2024. Right-of-use assets were £413.0m.

p.154 Context

03

Provisions jumped to £13.7m including a new £6.8m VAT error charge

Total provisions rose from £6.3m to £13.7m. This includes £6.8m for a historic VAT underpayment (£2.3m current year, £4.5m prior years) expected to settle in 2026.

p.170, p.171 Context

04

Call deposits dropped to zero — all cash now held as instant-access

Cash and cash equivalents were £70.8m at year end (all cash), down from £125.3m in 2024 when £66.3m was held in call deposits.

p.162 Context

05

Interest cover is very strong at about 10.8 times

Operating profit was £187.5m and finance costs were £17.4m, giving interest cover of approximately 10.8x.

p.162 Supporting

06

Lease payments spread across many years — no near-term cliff

Gross undiscounted lease payments total £582.3m: £79.1m due within 1 year, £262.0m in 1-5 years, and £241.2m beyond 5 years.

p.154 Supporting

07

Intangible assets grew to £43m, driven by ERP system investment

Total intangible assets at 27 December 2025 were £43.0m (2024: £24.9m), with assets under development rising from £12.1m to £24.9m due to ERP investment.

p.153 Supporting

08

No covenant details disclosed — reduces visibility for lenders

The borrowings note on page 162 shows a revolving credit facility of £25.0m drawn but gives no information about loan limits, interest rates, or maturity date.

p.162 Supporting

09

Deferred tax liability of £93.7m mostly from fixed assets

Net deferred tax liability was £93.7m at 27 December 2025 (2024: £72.6m), driven by a £95.5m liability on property, plant and equipment.

p.159 Supporting

10

Net debt is very low — roughly £46m including lease-free debt

Cash was £70.8m and drawn debt was £25.0m, giving a net cash position of approximately £45.8m on a pre-lease basis.

p.162 Supporting

Structured filing detail

Supporting figures extracted from the filing

Segmental revenue, named indicators with year-on-year movements, and capital-structure figures taken from the source filings.

Segmental analysis

Revenue & operating profit by business division

Segment Revenue (latest) Operating profit Rev YoY
Retail company-managed shops €1.9bn €251m +6.5%
Business-to-business (franchise and wholesale) €254m €66m +9.2%
Total Group €2.2bn €318m +6.8%

Top-segment revenue concentration: 88.2% · Segment totals reconcile to the group P&L

Strategic KPIs

4 flagship metrics · 10 supporting

Like-for-like (LFL) sales growth
2.4%
Total sales
£2k
+6.8% YoY
Pre-tax profit (excl. exceptional items)
£172
-9.4% YoY
Diluted earnings per share
£123
-10.7% YoY
+ Show 10 supporting KPIs
Total ordinary dividend per share
£69
0.0% YoY
Colleague profit-sharing
£20
-1.5% YoY
Return on capital employed (ROCE)
16%
Capital expenditure
£288
Net cash inflow from operating activities after lease payments
£274
Liquidity
£146
Evening sales as % of company-managed food sales
9.4%
+4.4% YoY
Delivery as % of company-managed sales
6.8%
+1.5% YoY
App scan % of company-managed shop transactions
26.7%
+32.8% YoY
Total shops
2,700+

Capital structure

Debt, cover, and dividend posture

Net debt
£-46m
Interest cover
10.78×
Drawn debt
£25m

Open questions from the filing

Questions raised by the disclosed data

These questions are based on information that was not present or not clear in the retained filing data.

Verification gaps

What the filings don't disclose

These are items not present or not clear in the retained filing data. They are shown so the limits of the source are easy to see.

No prior-year capital expenditure figure is disclosed in the visible pages, preventing a year-on-year comparison of the £287.5m capex spend.

08 · Sources

The filing trail

100 filings · Companies House

Filing distribution

SH01
36%
36
RESOLUTIONS
11%
11
AA
10%
10
CS01
10%
10
AP01
9%
9
TM01
9%
9
AP03
3
CH01
3
TM02
3
AUD
1

Latest filings

3 Jul 2026 AP01 Appoint person director company with name date 1 Jun 2026 RESOLUTIONS Resolution 19 May 2026 AA Accounts with accounts type group 18 May 2026 TM01 Termination director company with name termination date 16 Apr 2026 CS01 Confirmation statement with no updates 16 Apr 2026 RP01AP01 Replacement filing of director appointment with name 15 Apr 2026 CH01 Change person director company with change date 14 Apr 2026 CH01 Change person director company with change date 13 Apr 2026 CH01 Change person director company with change date 13 Apr 2026 TM02 Termination secretary company with name termination date 9 Mar 2026 TM01 Termination director company with name termination date 2 Feb 2026 AP01 Appoint person director company with name date

Catalyst timeline

Filing pattern + upcoming windows

100 filings · 2017 → 2027
Accounts Officers Capital Resolutions Other
2017 2019 2021 2023 2025 2027 2028 Accounts due Confirmation due
2027Annual accounts

Next annual accounts due

Due at Companies House by 30 June 2027 for the period ending 31 December 2026.

2027Confirmation

Next confirmation statement due

Annual confirmation due by 28 April 2027 (made up to 14 April 2027).

Summary · What the filing shows

What we found

Filing evidence displayed Verif-AI is showing source-linked filing evidence, calculated indicators, and review notes.
Source-linked summary

Greggs grew turnover 7% in FY2025, yet profit after tax dropped £31m to £122m.

FY2025 accounts

Open Companies House filing history ↗

Source-linked findings

What supports this summary

Three source-linked facts support this summary. The remaining material is available under Detailed findings.

01

Group profit before tax fell from £203.9m to £167.4m

After overheads (£146.8m), lease interest add-back (£16.4m), finance income (£1.8m), finance expense (£17.4m) and exceptional items (£4.5m), profit before tax was £167.4m in 2025 vs £203.9m in 2024, a drop of £36.5m (17.9%).

Filing context: The group's overall profit is down by nearly a fifth year-on-year, driven mainly by weaker retail trading profit and higher costs, which will directly affect returns to shareholders.

p.5

09 · Verification

How we know

100 filings · 8 active directors · 182 pages

Retained source method: filed iXBRL. The report also uses the Companies House company, officer and filing records stored with this brief.

2 generated statements were withheld because they did not agree with the structured filing data.

Figures are as filed by the company — Companies House does not verify the accuracy of information filed. Verif-AI checks internal consistency and flags anomalies, but cannot confirm the underlying figures are correct.

Reconciliation

All 30 reconciled lines tie exactly to the filed iXBRL data

Every balance-sheet and profit & loss line traced to where we read it in the filing. iXBRL — read from the company's filed machine-readable tags, with the source label retained. PDF — read from the filed accounts document, with the supporting note cited so you can check it. Flagged — our consistency check marked it for a closer look.

Line Our figure Source in filing Reconciliation
Profit & loss · p.128
Turnover £2.2bn iXBRL ✓ Ties to filing
Cost of sales −£717m iXBRL ✓ Ties to filing
Gross profit £1.4bn iXBRL ✓ Ties to filing
Operating profit £188m iXBRL ✓ Ties to filing
Finance income £2m iXBRL ✓ Ties to filing
Finance costs −£17m iXBRL ✓ Ties to filing
Profit before tax £167m iXBRL ✓ Ties to filing
Tax −£45m iXBRL ✓ Ties to filing
Profit after tax £122m iXBRL ✓ Ties to filing
Depreciation & amortisation £95m iXBRL ✓ Ties to filing
Balance sheet · p.129
Intangible assets £43m iXBRL ✓ Ties to filing
Tangible assets £1.4bn iXBRL ✓ Ties to filing
Fixed assets £1.2bn iXBRL ✓ Ties to filing
Debtors £69m iXBRL ✓ Ties to filing
Trade debtors £42m iXBRL ✓ Ties to filing
Cash £71m iXBRL ✓ Ties to filing
Current assets £196m iXBRL ✓ Ties to filing
Total assets £1.5bn iXBRL ✓ Ties to filing
Trade creditors −£143m iXBRL ✓ Ties to filing
Net current assets −£152m iXBRL ✓ Ties to filing
Bank loans (current) −£25m iXBRL ✓ Ties to filing
Bank loans (non-current) −£25m iXBRL ✓ Ties to filing
Lease liabilities (current) −£62m iXBRL ✓ Ties to filing
Lease liabilities (non-current) −£387m iXBRL ✓ Ties to filing
Deferred tax −£94m iXBRL ✓ Ties to filing
Provisions £14m iXBRL ✓ Ties to filing
Net assets £625m iXBRL ✓ Ties to filing
Share capital £2m iXBRL ✓ Ties to filing
Profit & loss reserves £598m iXBRL ✓ Ties to filing
Shareholders' funds £625m iXBRL ✓ Ties to filing

30 read from filed iXBRL tags · 0 from the filed PDF.

What we read

Companies House filings

Total filings 100 2017 → 2026
Accounts filings 10 accounts documents
Officer events 29 appointments + terminations
Capital events 36 share allotments + buybacks

Who we cross-checked

UK director appointment network

Directors verified 8 incl. 2 corporate officers
Records cross-referenced 27.8m UK appointments dataset
Avg failure rate 1.6% across prior appointments
Phoenix scan 0 directors flagged

Screening status

Independent checks completed

No critical filing notesNo critical source pattern Sanctions check · No matchScreening completed Politically-exposed persons · None foundPEP screen · 0 hits Status · Active

Screened 40 names (registered company + officers/PSCs) against live lists: FCDO Consolidated UK Sanctions List — 58222 entries, refreshed 20 August 2026 · OFAC SDN (US Treasury) + akaName aliases + relationship graph — 39385 entries, refreshed 20 August 2026 · EU Consolidated Financial Sanctions — 30691 entries, refreshed 20 August 2026 · UK Parliament — current Members of Commons & Lords — 1447 entries, refreshed 20 August 2026 · Companies House — Disqualified Directors register, checked 20 August 2026.

Steps we ran

How the report was assembled

Pages read 182 PDF pages analysed
Steps run 9 0 skipped · 9 completed
Source checks 3 recorded review stages
Years analysed 3 filing periods shown

Pipeline — what ran on this report

Read PDF accounts 182 pages Classify filing Extract audit notes Compliance screening Cross-check directors Build company timeline Plain-English analysis Capital structure review Processing filing

Limits and caveats

Limits of this brief

01

Peer comparison

No sector comparison is included because there is not enough comparable retained filing data for this report.

02

Persons with significant control

The company has an active statement on the Companies House PSC register — notified 14 April 2023 — declaring that no individual or entity holds significant control (25%+ of shares or votes, or equivalent control).

Plain-English glossary · 10 terms
Turnover (Revenue)
The total amount of money Greggs took in from selling food and drink before any costs are deducted.
In this filing: Greggs took in £2.15bn in FY2025 — up 6.8% on the year before.
Gross Profit
What's left after subtracting the direct cost of making or buying the product from revenue — before rent, wages, and overheads.
In this filing: Greggs kept £1.43bn as gross profit in FY2025, a gross margin of about 66.7%.
Profit Before Tax (PBT)
What the company earned after all costs — staff, rent, ingredients, depreciation — but before paying the taxman.
In this filing: PBT fell from £203.9m to £167.4m (-17.9%), meaning costs grew faster than sales in FY2025.
Net Assets
Everything the company owns minus everything it owes — a measure of the company's overall financial worth.
In this filing: Greggs' net assets rose to £625.2m in FY2025, up £54.7m on the year.
Fixed Assets
Long-term things the company owns and uses to run its business — shops, ovens, vehicles, and computer systems.
In this filing: Fixed assets jumped to £1.25bn in FY2025, reflecting years of heavy investment in new shops and kitchens.
Cash at Bank
Actual money sitting in the company's bank accounts — the most liquid form of money a business has.
In this filing: Cash dropped 43.5% to £70.8m in FY2025 — lower than it's been in the three years covered by this data.
Debtor Days
How many days on average it takes customers to pay their bills. Lower is better — it means money comes in fast.
In this filing: Greggs collects in just 7 days, which is near-instant and reflects its cash-at-till retail model.
Working Capital Gap
The gap between when a company has to pay its suppliers and when it collects cash from customers. A gap means you need cash in reserve to bridge it.
In this filing: Greggs pays suppliers 31 days before collecting from customers on average, needing roughly £182.7m to keep that cycle running.
Cash Conversion
How much of the company's stated profit turns into actual cash. Higher than 100% means cash from operations exceeds the profit figure.
In this filing: At 275.8%, Greggs generates far more operating cash than its profit figure alone would suggest — driven by high depreciation on its large shop estate.
Long-Term Liabilities
Money the company owes that doesn't need to be paid back within the next 12 months — typically loans or lease obligations.
In this filing: These reached £439m in FY2024, a sharp jump from £326.3m the year before, likely tied to the expansion programme.