The number of traders betting against Greggs has surged on doubts that it can fatten sales while uptake of weight-loss drugs booms.
Short positions taken out on the FTSE 250 bakery chain, which make holders money if the stock falls, topped 13.2 per cent of its shares on Wednesday, according to Castellain Capital – making it the most-shorted stock in London.
The biggest bet – at nearly 2.5 per cent of its shares – is from US bank JP Morgan, while Citadel Advisors, run by hedge fund titan Ken Griffin, is second with 1.2 per cent.
Indulgent: Celebrity chef Nigella Lawson fronts one of the baker’s adverts
The bets have soared on fears that the popularity of hunger-suppressing jabs such as Mounjaro and Ozempic could hit sales at the sausage roll seller, which has been promoted by celebrity chef Nigella Lawson in past adverts.
On Tuesday it is expected to report a £170 million profit for 2025, down from £204 million the year before. Greggs boss Roisin Currie has admitted that customers were gravitating to smaller portions and looking for more information on protein and fibre content.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Freetrade
Freetrade
Investing Isa now free on basic plan
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you