Greggs ended the 2020 financial year with a net cash position of £37m, having repaid cash due to the Bank of England under the Covid credit finance facility and replaced it with a three-year, £100m revolving credit facility with a syndicate of lending banks. Shore Capital analysts Clive Black and Darren Shirley said that the latest lockdown imposed on January 4 meant Greggs' 2021 performance "will also be heavily negatively impacted by the disease" and rated the shares as a 'sell'. "Indeed, we see Greggs' whole market as being distorted by the pandemic as working from home becomes more structural, which hits travel hub and central business district trade volumes and, we believe, makes suburban demand more challenging too for the business, noting it may benefit from some capacity reduction in its markets too, so share gain of a smaller cake," they said in a note.