Matt Davies to take over as chair of Greggs

Matt Davies has been appointed chair designate of Greggs to take over the mantle from Ian Durant when he steps down on 1 November.

Davies previously held chief executive positions at Tesco UK & Ireland, Pets at Home, and Halfords. As a non-executive director, he chaired N Brown Group between 2018 and 2021, and was on the board of Dunelm Group between 2012 and 2015. He is also chair of Hobbycraft and an operating partner at Advent International.

He said: “I'm really delighted to be taking on this role. Greggs is a great business and a brand that I have long admired. I'm looking forward to working with the board, Roisin and the senior management team to further develop the business over the coming years.”

Roisin Currie also succeeded former chief executive of the business Roger Whiteside earlier this year.

Durant said: “Greggs has undergone a transformation over the past decade and I am proud to have contributed to its achievements as chair. Greggs has entered a new era, now under Roisin Currie's leadership, and the business is in great shape with a clear strategy. I welcome Matt Davies as my successor as chair and wish him well.”

Sandra Turner, senior independent director of Greggs, added: “On behalf of the board I would like to thank Ian for his considerable contribution to the Greggs business over the past 11 years and we all wish him well for the future.”

In its interim results for the 26 weeks to 2 July, the food-on-the-go retailer, which has more than 2,200 retail outlets throughout the country, reported a pre-tax profit of £55.8m, with like-for-like sales 12.3% higher than the comparable period in 2019.

The group said that the flat profit outcome primarily reflected the re-introduction of business rates, increase in VAT and higher levels of cost inflation.

Greggs opened 70 shops in the first half of 2022 and closed 12, and said it had a strong pipeline, and was anticipating around 150 net new shop openings this year.

Currie said: “Greggs delivered an encouraging performance in the first half of the year with sales ahead of 2019 levels. These results demonstrate the continued strength of the Greggs brand and demand for our great tasting, quality and value for money offering.

“During the period we continued to make good progress with our strategic priorities, including expanding our shop estate and making Greggs more accessible to customers through extended trading hours and digital channels.

“In a market where consumer incomes are under pressure Greggs offers exceptional value for customers looking for food and drink on-the-go. We are well positioned to navigate the widely publicised challenges affecting the economy and continue to have a number of exciting growth opportunities ahead, with a clear strategy for expansion. We remain confident in Greggs' ability to deliver continued success.”

However, The Guardian reported on the weekend that plans for a late-night Greggs bakery in London’s Leicester Square were rejected by the council.