An IT glitch forcing Greggs to close has seen the company’s value plunge by £16 million – or the equivalent of 13 million sausage rolls.
The popular British bakery’s overall company value took a dive of 0.57%, with its share price plummeting from £2,830.00 million (at previous close) to £2813.92 million (at 9:37AM today, March 20).
Analysis by financial platform Stocklytics reveals the company shares have plunged, with a spokesperson commenting: “While the highstreet chain may be a go-to destination for baked goods, it appears that disgruntled customers may not be the only ones disappointed by issues affecting stores today.
“With shops reportedly closing due to ongoing technical issues, it has had a direct impact on the company’s market value, with a staggering loss of £16 million this morning alone – the equivalent of 13 million sausage rolls.
“However, given the popularity of their pastry-based snacks, it looks certain that when trading can resume the company should recoup the lost value in little time at all. The glitch also serves as a reminder that when things go wrong at Britain’s favourite major companies traded on the stock market, the impact on investors can be just as significant as it is for hungry customers.”
It comes as the British bakery chain has reportedly been forced to shut some of its stores due to technical problems with payment.
While some stores have closed shop, it’s believed that others are only accepting cash payments – leaving some customers with no choice but to leave empty-handed.
Greggs is the latest retailer to suffer technical problems, with Sainsbury’s and McDonald’s also being hit with issues in recent days.
