In its Q4 trading updated released earlier this month, the company revealed it had outperformed a tough market, with total sales up 6.8% to £2,151 million, with company-managed shop like-for-like sales up 2.4%.

While market conditions remain challenging, Greggs continues to outperform with year-on-year gains in market share.

The food-to-go operator opened 207 new shops in 2025, averaging four openings every week, with 50 relocations and 36 closures, resulting in 121 net new shop openings. The company had 2739 shops trading as at 27^th December 2025.

Chief Executive, Roisin Currie said that 2025 was a challenging year with subdued consumer confidence impacting the food to go market, however the company made good progress throughout the year.

“Against this backdrop, I’m pleased that Greggs outperformed the wider market and increased its market share of visits,” she said.

“We enter 2026 with a strong pipeline of new opportunities to make Greggs even more convenient for customers. This is underpinned by the investments we have been making in our supply chain capacity, which start to become operational this year.

“Our ongoing focus on efficiency allows us to deliver exception value to customers who are managing their budgets carefully.”

Fourth quarter total sales were 7.4% higher than in 2024, with like-for-like sales in company-managed shops growing by 2.9%. Subdued consumer confidence continued to impact the food to go market, as did weather extremes earlier in the year. Against this backdrop, Greggs increased its market share of visits, including at breakfast and in the evening (Circana, 12 months to September 2025).

Operational costs were well controlled and input costs were in line with the company’s expectations. Their ongoing focus on structural cost reduction delivered a further £13 million in efficiencies in 2025, as they continued to drive additional value across its integrated supply chain and business processes.

Its estate expansion programme is developing their reach into new locations in under-penetrated catchments as well as relocating constrained existing shops to better locations, facilitating further growth in traditional trading areas. They also opened the first three of their smaller-format Bitesize Greggs shops, enabling them to reach customers in high-footfall, prime locations that are constrained by space.

Looking to 2026, they expect a similar rate and profile of estate growth in what they call “carefully chosen locations”.

“We expect the level of like-for-like cost inflation to be lower than in 2025 and are confident that we can continue to mitigate this whilst retaining our value leadership,” added Roisin Currie.

“We expect consumer confidence to remain a market headwind in the year ahead which, along with the costs of introducing our new supply chain capacity, will put some temporary pressure on margins, as previously disclosed. However, our competitive position remains strong and we continue to take market share in a challenging food to go market. Our store opening programme will continue to drive further strong sales growth.”

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Interim Chief Economic Adviser, Jenny Haydock stated on 8^th January that the CMA had accepted the fast-track reference request made by ABF, Hovis Group Limited and Endless LLP, having concluded that the conditions to accept a fast-track reference request had been met.

As a result, the CMA made a reference to its chair for the constitution of a group under Schedule 4 to the Enterprise and Regulatory Reform Act 2013 in order that the group may investigate and report, within a period ending on 24^th June 2026, on the following questions: whether arrangements are in progress or in contemplation which, if carried into effect, will result in the creation of a relevant merger situation; and if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the UK for goods or services.

In a previous update made before Christmas, the CMA revealed that its deadline for announcing its decision whether to refer the merger for a phase 2 investigation was 19^th February 2026.

Responding to the CMA’s December announcement, a spokesperson for ABF said they would continue to work closely with the CMA to ensure the case is run as efficiently as possible and to “demonstrate why this transaction will help to create a more sustainable competitor that is better able to invest, innovate and deliver for customers”.

The post Phase 2 terms of reference published into bread business merger inquiry first appeared on Neighbourhood Retailer.

In an update just before Christmas, the CMA revealed that its deadline for announcing its decision whether to refer the merger for a phase 2 investigation is 19^th February 2026.

“The Competition and Market Authority hereby gives notice pursuant to section 96(2A) of the Enterprise Act 2002 that the merger notice provided by Associated British Foods plc, Hovis Group Limited and Endless LLP in relation to the anticipated acquisition by ABF (via its wholly owned indirect subsidiary, ABF Grain Products Limited) of Hovis, meets the requirements of section 96(2) of the Act,” stated the announcement.

The initial period defined in section 34ZA(3) of the Act in relation to the Transaction commenced on 22^nd December 2025.

The first step of the CMA’s information-gathering process – an invitation to comment time period – concluded in early October, with the next stage including the launch of its formal investigation into the transaction.

It was announced last summer that Hovis Group would be bought over by ABF, with the proposed acquisition hailed as a “significant step towards creating a more sustainable and efficient bakery operation in the UK”.

In a statement, ABF said the acquisition would combine the production and distribution activities of the two businesses, driving significant costs synergies and efficiencies, to create a profitable UK bread business that is sustainable over the long-term.

Responding to the CMA’s December announcement, a spokesperson for ABF said: “This formal step is an important milestone and follows ABF working constructively with the CMA to outline the challenges and changes taking place in the UK’s bakery sector.

“ABF will continue to work closely with the CMA to ensure this case is run as efficiently as possible and to demonstrate why this transaction will help to create a more sustainable competitor that is better able to invest, innovate and deliver for customers.”

The post CMA begins phase one investigation into proposed ABF acquisition of Hovis first appeared on Neighbourhood Retailer.

The first step of the CMA’s information-gathering process – an invitation to comment time period – concluded in early October, with one of the next stages being the launch its formal investigation into the transaction.

Having confirmed earlier this year they were in discussions regarding a potential transaction, it was announced during the summer that Hovis Group would be bought over by ABF.

As stated in their Interim Results Announcement back in April, Allied Bakeries faced what it called a “very challenging market”.

“We are evaluating strategic options for Allied Bakeries against this backdrop and we remain committed to increasing long-term shareholder value,” said a statement.

Subject to regulatory review by the CMA, the proposed acquisition has been hailed as a “significant step towards creating a more sustainable and efficient bakery operation in the UK”.

In a statement, ABF said the acquisition would combine the production and distribution activities of the two businesses, driving significant costs synergies and efficiencies, to create a profitable UK bread business that is sustainable over the long-term.

The post CMA probe continues into bread business ‘merger’ first appeared on Neighbourhood Retailer.

The flavours – Sparkling Raspberry Peach, Sparkling Mango Lemonade, Sparkling Kiwi Guava, and Sparkling Strawberry Watermelon – are part of the brand’s ‘core’ line-up that have helped make CELSIUS the fastest growing energy drink brand in the U.S.2

Landing on shelves from February 2026, as consumers set New Year’s resolutions that focus on health and wellness goals, the launch is engineered to capitalise on the seasonal surge in fitness culture and maximise incrementality for retailers. The brand’s ‘core’ range features striking, clean can designs that are emblematic of the CELSIUS LIVE FIT ethos.

Garrett Quigley, President Celsius International, said: “We are excited for consumers in the UK and Ireland to experience the latest innovation from CELSIUS arriving from February.

“We believe the zero sugar, fruit-forward flavours that distinguish CELSIUS from traditional energy drinks align with consumers’ evolving needs for great taste without compromise. This innovation is designed to bring new consumers into the growing energy category, drive growth, and be a meaningful contributor to higher basket value for our retailers.”

The new CELSIUS flavours reflect the brand’s commitment to drive category growth through continued innovation with fruit-forward offerings, keeping loyal fans engaged while attracting new shoppers. They will be available across major retailers, convenience stores, and gyms and supported by sampling, activations, and high-impact POS displays.

Additionally, Sparkling Raspberry Peach and Sparkling Mango Lemonade flavours will be available as a multipack for the first time in the UK and Ireland. The introduction of multipacks offers retailers a ‘drink later’ format that enables consumers to stock up their cupboards and conveniently add CELSIUS to their daily routines.

Born in fitness, CELSIUS is a functional energy drink brand that combines bold taste and a blend of essential vitamins and caffeine without sugar or preservatives. CELSIUS supports active lifestyles with a blend of essential vitamins which contribute to the normal function of the immune system (B6, B12, C) and the reduction of tiredness and fatigue (B2, B3, B5, B6, B12, C), while helping to increase alertness and improve concentration (caffeine).

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