Greggs Michael Darrington steps down after 24 years

Greggs, Britain’s largest bakery chain, said it is under ‘substantial pressure‘ from increases in the cost of energy and ingredients, such as flour, vegetable oils and protein.

Sir Michael Darrington, Greggs Managing Director, blamed the rises on brokers speculating on the future price of commodities.

The company warned it may increase prices again due to the rise in raw materials. The Newcastle-based firm, has already added 3p to sausage roll prices and 8p to sandwiches.

The chain, which owns more than 1,100 outlets, said it would be mindful of consumer confidence in passing on costs. The group said we will do our damnedest to manage the balancing act. We’re determined to give value for money.

Sir Michael said I think it is jolly disappointing that the commodity market is being driven by greedy speculators. It is sad. Poor people in under-developed nations are suffering right now due to the cost of food and added that people in developing nations would starve as a result of the price rises.

Sir Michael Darrington, 66, has announced plans to step down from the bakers after 24 years.

The company said that it had put in place a process to find Sir Michael’s successor after 24 ‘very successful‘ years.

For the 12 months to end of December, pre-tax profits increased 12% to £49 million due to longer opening hours, Sunday opening and healthier ranges.

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