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Greggs 'will not bounce back until 2022'

The bakery chain says its profits will not return to pre-Covid levels until 2022 at the earliest.

Bakery chain chief says "the battle with Covid hasn't gone away and is intensifying further".

The takeaway company added 800 McDonald's restaurants and 300 Greggs outlets to its network earlier this year.

The baker is consulting with its 25,000 staff to minimise cuts by putting people on fewer hours.

The bakery chain saw losses in the first half of 2020 but says sales are now 72% of last year's level.

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