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Paul Williamson from Deloitte »Last year, as one Geordie institution spiralled into crisis, another rose from the ashes to report record-breaking profits.
As vultures from the nation's press descended on the North East to pick over the bones of the Northern Rock crisis, snack giant Greggs was continuing its rapid recovery from a poor 2006, and yesterday the baker delivered a 27.1% increase in profits for 2007.
Last year I was lucky enough to go on a guided tour of the Greggs factory in Gosforth, which for a steak bake-addict like me was exciting to say the least.
Ok, so it wasn't exactly a savoury snack version of Charlie and the Chocolate Factory inhabited by little orange men and sausage roll trees, but it certainly was an eye-opener.
One thing that quickly became apparent from our guide was that the factory had changed very little over the years and the baking process remained similar to how it has always been. Stotties are still made the same way they have been for generations and cakes are still iced by hand.
But one thing that worries a pasty lover like me is for how long Greggs' well-baked success story can continue.
As the Government strives to nanny us into a healthy state by tackling obesity, alcohol problems and smoking-related diseases, how long before cakes and pasties are on the hit list?
Prices are already set to rise because of the growing cost of ingredients but within a few years, we could see pasties and cakes follow fuel and alcohol as goods that are taxed because they are bad for us or our environment.
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