I agree 100% with that. I said to my son earlier today if they ever try to take this outside the U.K. I would consider selling. I might tolerate an exploratory shop or two but would expect them to fail and retreat. Greggs is a distinctly British thing. The brand is this quirky British thing and it would not travel. I do think they have some limited room to grow in the UK and Ireland but not much. I worked for McDonald’s years ago in the UK a watched them hit saturation and eventually start to close stores and it was expensive.

I do believe the Greggs CFO is kind of obsessed with return on capital from what he talks about. Not everyone thinks like that. That provides comfort and I expect if they were to get carried away and over expand in the U.K. or worse outside the U.K. there would be time to exit.

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