MIDAS VERDICT:

IT’S hard not to feel good about Greggs. A genuine British success story built on our love for flaky pastry and uncomplicated hot drinks is enough to make you smile every time you see a TikTok teenager sporting a Greggs-branded bucket hat.

In investment terms, too, the story is compelling. While Pret is off the menu for many cashstrapped Brits, Greggs has a more affordable image, and there is space for it to grow by increasing the number of delivery outlets, opening later and offering dinner, and opening stores in underserved areas.

That brings the decision down to valuation, and that is looking toothsome too. On this year’s full-year earnings, Greggs trades on a price/earnings ratio of 15 and the yield is over 3 per cent. Historically, the ratio is over 17 times. Worth a nibble.