Approximately 19,000 employees at British bakery retailer Greggs are set to receive £300 bonuses at the end of January 2020, following positive results in the organisation's fourth quarter trading update.
The £300 bonus will be provided to individuals who have been employed at Greggs for more than one year, while those with less than a year's tenure will receive £75, bringing the total number of employees receiving bonus payments up to 25,000. This one-off payment to staff will be paid on top of the 10% profit-sharing scheme that Greggs already has.
As at 28 December 2019, the business' total sales were up by 13.5%, with 138 new shops opening throughout the year. Due to significant increases in profit, Greggs has made an overall financial commitment of £7 million to facilitate this special payment to its employees. This bonus is expected to be paid at the end of the month.
The organisation has attributed profit increases in 2019 to the evolution of its product range, such as the introduction of vegan sausage rolls.
Roger Whiteside, chief executive at Greggs, said: “We delivered a strong finish to what has been an exceptional year for Greggs. The major investments we have made in recent years to make Greggs an attractive choice in the food-on-the-go market are delivering. Consumers are responding very positively and we have seen increasing visits from both new and existing customers.
"Our record financial performance in 2019 has enabled us to enhance returns to shareholders. I am delighted to announce that we will also be making a special additional payment to all of our [employees] across the business who have worked so hard to deliver this success in what has been a phenomenal year."
