Greggs Tests Limit of Britain’s Appetite for Its Sausage Rolls

Its sausage rolls are idolized on socks and T-shirts, and its thousands of shops make it Britain’s most unmissable baker. But Greggs Plc is showing the strain of expansion, and investors are piling up bets against it.

The maker of steak bakes suffered its worst stock performance in 2025, a 40% drop driven by slower sales growth and signs stretched consumers were reacting to higher prices by trimming what for many was a daily habit. It ended the year as the most-shorted UK stock.