Pret A Manger to be sold to investment firm JAB for reported £1.5b

29 May 2018 by
Pret A Manger to be sold to investment firm JAB for reported £1.5b

Pret A Manger's owner Bridgepoint Capital has confirmed that the sandwich chain will be sold to global investment firm JAB for a reported £1.5b.

The purchase of the chain, which has 530 stores worldwide generating revenue of £879m, is expected to be completed this summer - with all staff set to receive a £1,000 bonus on its completion.

Clive Schlee, CEO of Pret A Manger, commented: "This is a day of celebration at Pret. This agreement recognises the hard work of all our amazing teams around the world. Bridgepoint has been wonderful owners of the business for more than a decade. All of us at Pret believe JAB will be excellent long-term strategic owners. JAB believes in Pret's values and supports our growth plans. I am really looking forward to this next chapter of Pret's story.

"I am also pleased to say that 2017 was another year of solid results for Pret, and we achieved our ninth consecutive year of like-for-like sales growth. The brand continues to thrive around the world thanks to our simple recipe of freshly prepared food, served by genuinely engaged teams." Commenting on the reward set to be received by the company's 1,200 staff he explained: "The £1,000 bonus will be paid to all employees who are on the payroll during the week the deal completes. It's serendipity for those who have just joined." Olivier Goudet, JAB partner and CEO, said: "We're very excited to partner with Pret and its talented team to continue their extraordinary growth story. Management's proven track record and commitment to customer service, investment in innovation and approach to freshly prepared food position Pret well as it capitalises on evolving consumer taste and lifestyle preferences. We look forward to working with Clive Schlee and his management team, while promoting the Pret brand and supporting Pret's impressive culture for the next phase in the company's growth with JAB." JAB already owns businesses including Kenco, Douwe Egberts and Krispy Kreme. Pret A Manger opened its first site in London's Hampstead in 1984. Pret saw sales grow 15% to £776.2m, driven by sales in dairy- and gluten-free ranges, in its last set of financial results. Pret owner considering sale or flotation>>](/articles/524518/pret-owner-considering-sale-or-flotation) [Pret to open at Roadchef motorway services >>](/articles/516166/pret-to-open-at-roadchef-motorway-services) [Pret to increase reusable cup discount to 50p >>](/articles/516039/pret-to-increase-reusable-cup-discount-to-50p) [Pret sales up 15% to £776m driven by gluten-free growth >>](/articles/501278/pret-sales-up-15-to-776m-driven-by-gluten-free-growth) [Get The Caterer every week on your smartphone, tablet, or even in good old-fashioned hard copy (or all three!).
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