Greggs will this year celebrate 25 years on the stock market, and for the first time in its history is planning a share split to reduce the hefty share price. Since it floated at 135p a share, the bakery group has seen its price rise, reaching a peak of more than £54 in May 2007 before the market fell back.

In that time Greggs has never split its shares or made a scrip issue, nor has it issued any new shares, preferring to buy shares in the market to satisfy options. Under Sir Michael Darrington, the former chief executive, the group was often asked whether it would divide the shares to reduce the price, but he always refused.