Pret A Manger ‘considering stake sale ahead of possible flotation'

South Wales Guardian

2 days ago

Luxembourg-based JAB Holding – which bought Pret for £1.5 billion in 2018 – told the Financial Times that while it was not 'currently' considering a stake sale in Pret, it could look at the move with an initial public offering (IPO) in its sights.
'As we move closer to a potential IPO, we may evaluate bringing on a pre-IPO investor,' it told the FT.
It is thought to mark the first time Pret has publicly confirmed IPO plans for Pret.
JAB – which also owns Krispy Kreme and Keurig Dr Pepper – announced last month it had hired hospitality industry stalwart Jose Cil as chairman of Pret's board.
Mr Cil was most recently chief executive of Burger King owner Restaurant Brands International, which also owns chains including Popeyes.
JAB has been contacted for comment.
Pret recently announced it was dropping plans for a doubling of its current £5 monthly subscription for up to five coffees a day as it looks to retain customers against a difficult consumer spending backdrop.
The group had previously told subscribers that their subscription would increase to £10 a month from March 31, when a '50% off' deal ended.
It followed Pret overhauling its £360-a-year subscription in July last year in favour of 50% off up to five coffees a day for £10 a month.
The chain also removed a 20% discount on food for subscribers to end dual pricing – 'something we never really got comfortable with', it said at the time.
Under the old deal that lasted for almost four years, Club Pret membership offered up to five barista-made drinks daily for a monthly fee of £30.
Pret is headed up by chief executive Pano Christou, who was promoted to the top job in 2019.
The firm opened its first shop in London in 1986, where the company remains headquartered.
It now has 700 shops worldwide with around 12,500 employees across 21 markets.