Greggs' share price has been on a tear since 2013.  This has been driven by a recovery in like-for-like sales.  The company offers a dramatic story of self-improvement.

I reviewed Greggs (GRG) in the December issue of Master Investor.

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Greggs and what it stands for

Greggs is the brand of the hard working everyman.  A sandwich chain like Pret a Manger, by contrast, is associated with what is scornfully referred to as the "metropolitan elite."

The urban myth on Twitter is that remain votes ate at Pret a Manger while leave voters ate at Greggs.  There may nothing to this.  But it highlights that Greggs is almost a cultural institution in the UK.

The former Tory MP Rory Stewart is currently plan to run as an independent candidate for London Mayor.  In one interview he was asked if he goes to the pub and he replied that he prefers to go to Pret. The interviewer remarked that this would lose him votes.

A Greggs store in a commuter focused location

Source: Greggs

Greggs: an institution that politicians play up to

Greggs is more than just a sandwich and sausage roll chain.   Politicians trying to build up an everyman or everywoman image turn to Greggs.

Prime Minister Boris Johnson claimed on 29 November that he was "made of Greggs."  He was then challenged on the price of a Greggs sausage roll and replied £1.90 - the actual price is £1.30 in the Greggs store in the Westminster tube station.

This was a major faux par for Boris that took place in an interview on LBC Radio with Nick Ferrari.  It highlights that Greggs is remarkably good value.

Boris Johnson had previously stated "I love Greggs" when visiting a newspaper on 27 November (The Eastern Daily Press in Norwich).

Johnson failed to get the price of a sausage roll right

Source: Chronicle Live

The parliamentary candidate Ms Faiza Shaheen has not been shy to highlight the fact that she used to work in Greggs.  She recently gave a speech opposite a Greggs store - unlikely to be a coincidence.

Looking back to 2012 and Greggs was once again at the centre of a political drama.  There was a huge backlash at the time against a so-called "pasty tax" that the then chancellor, George Osborne, had introduced.

Osborne claimed to be a regular pasty eater at the time.  But he failed to remember when he had eaten his last pasty.  The then prime minister David Cameron also attempted to portray himself as a regular pasty eater.

The message appears to be that if you want to win over the electorate you have to pledge your loyalty to Greggs.

Greggs versus Pret a Manger

Gregs and Pret A Manger couldn't be more different.  Greggs was founded 90 years ago in Newcastle in the North of England.  Pret a Manger was founded in London in 1983.

Greggs is arguably associated with blue collar workers and cost conscious consumers.  Pret a Manger is associated with white collar office workers in relatively well paid jobs.

The two companies illustrate the North-South divided in the UK.  The North has suffered from de-industrialisation; the South has prospered on the back of the services sector.

Greggs is British brand and is closely associated with its "iconic" sausage roll.  Pret a Manger's name is based on the French term which means ready to eat.

Greggs and the vegan sausage roll

Greggs hit the front pages earlier this year with the introduction of the vegan sausage roll.  TV personality Piers Morgan took to Twitter to criticise the move.

Piers appeared to be wary of Greggs moving with the times, again highlighting that Greggs stands for something in the UK.

Greggs milked the "controversy" for all its was worth with vegan sausage rolls delivered to Good morning Britain.  However, Piers pretended to throw up after eating a few bites of the vegan sausage roll.

The backlash against the vegan sausage roll hasn't done Greggs any harm.  It appears to be a case of all publicity being good publicity.

Piers Morgan tries a Greggs vegan sausage roll on live TV in January

Source: YouTube

"Protest" against the vegan sausage roll

Against the backdrop of the vegan sausage roll hysteria sometimes myths are born.  A Brexit protest outside a Greggs was mistakenly thought to be a protest against vegan sausage rolls.

It went viral:                    The Metro                  The Mirror

Greggs stands for a sausage roll that will continue to be served for another 90 years.  Hell will freeze over before Greggs starts serving avocado on toast to millennial hipsters.

Summary

Greggs stands for no nonsense food and drink.  The company states that it offers: "good, honest food that our customers can trust, at affordable prices."

The business was founded in Newcastle in 1939 and has become something of  a UK institution.  With lower prices than rivals it should continue to perform well.

Greggs is one of the few places in London where you can get a flat while for less than £2.  I just wish a Greggs would open a store close to where I live.*

*Update

Greggs are opening an outlet near Angel Tube station on Chapel Market.  My prayers have been answered.