Greggs MD bowing out after 25 years

Jul 23 2008 by Peter McCusker, The Journal

THE man who launched over 1,000 Greggs bakeries across the country opened his final store as he draws the curtain on nearly 25 years at the helm of the North East firm.

Sir Michael Darrington will retire as managing director of Newcastle-based Greggs at the end of this month to be replaced by Sainsbury’s retail director Ken McMeikan.

The 66-year-old, who has run the company since 1984, opened his last store in Newcastle’s Eldon Square yesterday ahead of his retirement, but hinted that he may be looking to make a return to business in the near future.

Sir Michael praised the work ethic of Greggs’ workforce and also said he was leaving the company in good hands as he prepares to hand the reigns over to Mr McMeikan.

He said: “It’s a sad day. I’ve been seeing a lot of long service people this morning in the Gosforth headquarters and I’ve done lots of reminiscing about what makes Greggs a great company.

“Part of the secret of our success is people working well together and working hard while having a few laughs.

“I won’t be running a business again but I may be non-executive director of another business but it’s got to be one I really want to join which I identify with and one with the right values.”

Meanwhile the outgoing managing director also said the company faced challenging times ahead amid tough trading conditions.

Sir Michael said: “There’s a challenging market out there as prices are going up and ingredient costs are going up, so it’s challenging for everybody.

“I think Greggs is in a good position because we offer good value products so although prices are going up, so are everybody’s and we will still be good value.” Sir Michael, who was knighted in 2004 for his services to business, joined Greggs in 1984.

Two years later the company floated on the stock market at 135p a share – the price is now 3840p – and it now has over 1,000 stores across the country.