Greggs ECONOMIC

Supply Chain & Sourcing Relationships

Greggs describes a vertically integrated operating model in which it manufactures food in its own centres and moves products from manufacturing sites to shops through its own logistics network; it also uses franchise, wholesale and delivery partners.¹ Its supplier portal uses SAP Ariba for onboarding and asks approved suppliers to maintain their information annually, while the 2025 Modern Slavery Statement says the company works with thousands of suppliers.^{2, 3}

Greggs announced its first Responsible Procurement Report in 2025; the report says supplier onboarding captures industry and high-risk-country sourcing information and describes certification requirements for cocoa/chocolate and coffee/tea.^{4, 5} The report does not provide a complete supplier roster or ingredient-by-country ledger, and its text contains no Israel-specific sourcing disclosure.⁵ Focused public searches for Greggs with Mehadrin, Hadiklaim, Galilee Export and Agrexco did not produce a verified commercial relationship. No public evidence identified of a direct relationship with those named Israeli exporters, recurring seasonal procurement from an Israeli supplier, a dedicated Israel importer-of-record entity, or a verified indirect Israeli-origin ingredient route in the public materials reviewed.^{2, 5, 3}

Because Greggs’ public procurement material does not enumerate every supplier and sub-supplier, the public record is insufficient to exclude indirect origin exposure through an intermediary.^{2, 5} The finding above is therefore limited to what could be verified publicly as of 28 September 2026.^{2, 5, 3}

Product Origin, Labeling & Regulatory Compliance

UK food-labelling guidance requires country or place of origin for specified categories including fruit and vegetables and where omitting origin could mislead consumers.⁶ Current UK overseas-business-risk guidance for Israel states that produce originating from Israeli settlements in territories occupied since 1967 should be specifically labelled as settlement produce, and it notes the UK’s 2025 notice concerning imports from Israeli settlements.⁷

Greggs’ public Better Business and procurement materials describe responsible-sourcing controls, certification, supplier questionnaires and risk screening, but the reviewed documents do not set out an Israel- or occupied-territory-specific sourcing or labelling policy.^{8, 5} no public evidence identified of a Greggs product verified as settlement-origin, a Greggs regulatory citation for mislabelling settlement produce, or a target-specific government enforcement action concerning such origin labelling.^{8, 5, 7, 6}

Investment, Capital & Financial Exposure

Companies House records Greggs plc as a UK public limited company incorporated in 1951, and its current PSC record states that there is no active registrable person or registrable relevant legal entity with significant control.^{9, 10} Greggs’ current strategy describes manufacturing and logistics investment around its UK shop network, while its 2026 trading updates identify new UK supply-chain sites and the Tenerife South Airport franchise trial.^{1, 11, 12}

No public evidence identified in the current filing history, corporate disclosures and live searches reviewed of an Israeli factory, office, logistics hub, property holding, research centre, accelerator, controlling stake in an Israeli operating company, Israeli sovereign-bond holding, Israel-focused fund holding, or other direct capital investment by Greggs in Israel or the occupied Palestinian territory.^{13, 1, 11, 12} The public filing history confirms current group accounts are filed but does not itself provide a complete investment-by-country ledger, so the absence finding is limited to disclosed and discoverable material.¹³

Greggs is an operating food-on-the-go retailer rather than a bank, insurer or asset manager.¹ no public evidence identified of Greggs underwriting Israeli sovereign debt or Israel Bonds, providing lending or trade finance to Israeli defence or settlement-linked companies, or insuring Israeli state, military or settlement operations.^{1, 14}

The current board and officer population reviewed consists of the directors and officers shown by Greggs and Companies House.^{15, 16} Focused searches of those current principals for material personal or family-office Israeli investments produced no reliable public evidence; private holdings that are not publicly disclosed cannot be excluded.^{15, 16}

As bounded cross-checks, target-name searches found no Greggs/Gregg match in the current 2025 OHCHR settlement-database report, A/HRC/59/23, the BDS corporate-priority guide or PAX’s 2024 report on arms-company financiers.^{17, 18, 19, 14} The OHCHR report itself cautions that its database covers specified settlement-related activities and only part of the enterprises submitted for review, so non-inclusion is not evidence of economy-wide absence.¹⁸

Operational Presence & Market Activity

Greggs’ 2025 Modern Slavery Statement says it operates more than 2,700 shops across the UK and employs more than 33,000 colleagues.³ The 2026 interim results report 2,773 shops at 27 June 2026, including 627 franchised shops, and describe the first international travel-hub shop at Tenerife South Airport with Lagardère Travel Retail.¹¹ The May 2026 trading update had previously reported 2,759 shops at 9 May and announced the same Tenerife trial.¹²

The current corporate strategy describes the core shop estate as nationwide in the UK and the current growth programme as supported by UK manufacturing and logistics.¹ no public evidence identified in the reviewed current corporate disclosures, Companies House records or authoritative-list checks of a Greggs-branded shop, office, support centre, warehouse, manufacturing site or workforce in Israel or the occupied Palestinian territory.^{9, 1, 3, 11, 18}

No current Greggs disclosure reviewed characterises Israel as a market, regional hub or strategic growth market, and no Israel-specific workforce or tax registration is disclosed.^{1, 3, 11} no public evidence identified of an Israel-specific operating or tax footprint.^{1, 3, 11}

Corporate Structure & Foundational Ties

Greggs’ own history traces the business to John Gregg supplying eggs and yeast to families in Newcastle and later opening Greggs of Gosforth.²⁰ Companies House records Greggs plc as incorporated on 29 December 1951, company number 00502851, with its registered office at Greggs House, Quorum Business Park, Newcastle upon Tyne.⁹ The company’s current board is chaired by Matt Davies and led operationally by Chief Executive Roisin Currie and Chief Financial Officer Richard Hutton.¹⁶

The current Companies House PSC page records no active registrable person or registrable relevant legal entity.¹⁰ A current FT/FactSet profile lists the largest displayed institutional holding as Silchester International Investors LLP at 5.00%, dated 3 March 2026 in that dataset; no holder at or above 10% is shown in that profile.²¹ These sources do not identify Israeli beneficial control.^{10, 21}

For the specific Israeli-nexus questions in this audit, no public evidence identified that Greggs was founded in Israel, has its headquarters or principal place of management in Israel, is Israeli tax-resident or holds Israeli PTE status, or is beneficially controlled by Israeli capital.^{9, 10, 20, 21} no public evidence identified of Israeli state ownership, an Israeli government board appointee, a state-linked golden share, or a governance restriction structurally tying Greggs to Israeli state policy.^{10, 13, 16}

Profit Repatriation & Economic Contribution

Greggs’ July 2026 interim results report total sales of £1,101.5 million for the 26 weeks ended 27 June 2026 and describe the estate and capital programme principally through UK shop, manufacturing and distribution expansion plus the Tenerife franchise test.¹¹ The public materials reviewed do not disclose Israel as a reportable market or present Israel-attributed revenue, profit, employees, tax or capital expenditure.¹¹

No public evidence identified of revenue generated from Israel, profits generated in Israel and repatriated to the UK parent, or global Greggs profits flowing to an Israeli-domiciled parent or controlling owner.^{9, 10, 11, 21} Likewise, no reviewed authoritative or corporate source characterises Greggs as a significant employer, sector anchor or infrastructure provider in the Israeli economy.^{11, 18, 19}

The absence of a verified Israel or settlement-linked activity also means the reviewed record provides no target-specific activity to test for continuation after 19 July 2024 or after the November 2024 ICC arrest warrants.^{18, 19} This is a bounded evidence finding based on the sources reviewed, not a claim that undisclosed indirect commercial relationships cannot exist.^{2, 5, 18}