In the News
Responsible capitalism: Greggs has been doing it for decades

15th January 2020
This FT article glows about the commitment to social impact by a leading poster child for entrepreneurship in the North East - Greggs
Greggs was in the news this week for announcing a seasonal bonus to the majority of their 25,000 employees after a strong surge in sales aided by the launch of their vegan sausage roll. Year-on-year sales in 2019 rose 13.5 per cent year on year.
Greggs to pay workers £7m bonus after vegan sausage roll success https://t.co/hioUF5OerE
— The Guardian (@guardian) January 8, 2020

I was struck by this quote "Greggs gives 1 per cent of profits to its foundation, feeds 36,000 children free breakfast every school day, and provides training and work experience to prisoners at the end of their sentences."
And there is more - all of which is significant for the aim of driving responsible capitalism:
"The group has also been held up as a model employer for paying more than the minimum wage, eschewing zero-hours contracts and providing employees with regular shifts that make it easier to manage family commitments. The workforce is 71 per cent female, as are three of its eight board members."
However, we are not told what proportion of Greggs employees remain on universal credit and the extent to which some of this bonus might be clawed back by the government at the end of January 2020.
Brooke Masters: These days, corporate luminaries such as JPMorgan Chase’s Jamie Dimon and the Business Roundtable are touting responsible capitalism. Greggs has been doing it for decades https://t.co/13UwxEjnJA
— Financial Times (@FinancialTimes) January 14, 2020
Greggs says like-for-like sales rose 9.2% in the last quarter (vs a 2.9% rise in 2018). It opened 138 new shops and now has 2,050 shops (more than McDonalds...) pic.twitter.com/Nox46U7haf
— Ben Thompson (@BBCBenThompson) January 8, 2020

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