Latest news with #JABHolding
Daily Mail
2 days ago
- Business
- Daily Mail
Pret A Manger brews up stock market listing
The private equity owners of Pret A Manger are preparing to list it on the stock market. Luxembourg-based JAB Holding – which bought the coffee and sandwich chain for £1.5billion in 2018 – is exploring options, with an initial public offering (IPO) a possibility. This could involve selling a stake to another investor to shore up its finances ahead of a listing. A spokesman for JAB said: 'As we move closer to a potential IPO, we may evaluate bringing on a pre-IPO investor.' It is thought to mark the first time Pret has publicly confirmed IPO plans. Pret recently announced it was dropping its plan to double its £5 monthly subscription as it looks to retain customers. The deal was an overhaul of Pret's £360-a-year subscription which offered five free coffees a day. The new subscription offers 50 per cent off five drinks per day. Pret opened its first shop in London in 1986, where the company remains based. It has 700 shops worldwide with around 12,500 employees across 21 markets.
The Sun
2 days ago
- Business
- The Sun
Owner of Pret A Manger plans stock market flotation & may sell stake in business
THE owner of Pret A Manger plans a stock market flotation — and could consider selling a stake in the business first. Luxembourg-based firm Jab Holding bought the sandwich chain for £1.5billion in 2018. But the pandemic saw it post a £343million loss in 2020 as its key customers — office workers and commuters — were kept at home. It then launched cut-priced food and coffee subscription services to lure them back when they returned to the office, which helped sales jump by a fifth in 2023. Pret opened its first shop in London in 1986 and the chain employs 12,500 staff in more than 700 locations across 21 countries. JAB, which also owns Krispy Kreme doughnuts and Keurig Dr Pepper, has ambitions in the insurance and asset management industry and wants to reduce its reliance on the consumer sector. It suggested it could consider selling a stake in Pret ahead of a potential listing. JAB said: 'As we move closer to a potential IPO, we may evaluate bringing on a pre-IPO investor.' It is the first time the group has publicly confirmed IPO plans for Pret. Ahead of the potential listing, it appointed former Restaurant Brands International chief executive José Cil as chair of Pret last month. Pret's chief executive since 2019 is Pano Christou, who started as an assistant manager in a central London outlet at 22. The minicab driver's son, 45, grew up in Tooting, South London, and now earns more than £400,000 a year. BANK MIS-APP THOUSANDS of customers were unable to log in to NatWest's mobile app yesterday. More than 3,000 outages were reported through services-monitoring site Downdetector. The bank blamed the problem on an update it made the day before and said it was 'working to fix it as quickly as possible'. PAD PRICE DIP THE average UK house price fell by around £1,150 or 0.4 per cent last month, stats from Halifax show. But property values have increased by more than £7,000 on average over the past year. Prices climbed 2.5 per cent in the 12 months to May, but that was a fall from April's annual increase of 3.2 per cent.
Yahoo
2 days ago
- Business
- Yahoo
Private equity giant prepares Pret a Manger for stock market listing
Pret a Manger is heading for a potential stock market listing as the coffee chain's private equity owners seek to offload the business. Luxembourg-based JAB Holding has appointed advisers to explore options for Pret, with a proposed flotation deemed the most likely option. This could include bringing in another investor to shore up Pret's finances, as the business has struggled to restore its profits post-Covid. A spokesman for JAB Holding told the Financial Times: 'As we move closer to a potential IPO [initial public offer], we may evaluate bringing on a pre-IPO investor.' A staple of commuter lunches, Pret runs more than 690 shops across the world including over 470 in the UK. However, it has steadily been expanding in the US and other markets, with New York now accounting for its highest sales outside of London. This raises questions over where JAB will look to list Pret, with a destination not yet decided. Any move to float Pret in New York would deal a further blow to the London Stock Exchange, which is already battling an exodus of companies and a dearth of new listings. JAB is majority owned by the Reimann family, a wealthy dynasty that also presides over the Krispy Kreme and Dr Pepper brands. It bought Pret for £1.5bn from US investment giant Bridgepoint in 2018, which had also explored listing the business in the US. The move towards a potential flotation comes after Pret's revenues soared in the last few years. System sales topped the £1bn mark in 2023 as it opened dozens of new stores and grew internationally. As well as a strong performance in New York and the US, it now operates in Greece, Canada, India, and Spain. However, its expansion has fuelled criticism of high prices and sparked questions over its debt pile. The company had borrowings of almost £750m at the end of 2023, accounts show, with investors being tapped for a £250m cash injection last September to shore up its balance sheet. The move to axe its subscription service, which offered customers five barista-made drinks per day for a monthly fee, also proved controversial. Introduced during the pandemic, the subscription was immensely popular and helped keep the company afloat. However, bosses were forced to raise the price of the subscription numerous times before eventually scrapping it altogether last year, sparking anger among its customers. It now offers a cheaper 'Club Pret' subscription, which offers 50pc off five drinks per day. Despite rising revenues, Pret has battled to stay in the black. After the closure of its shops during the pandemic pushed it to a pre-tax loss of £255m in 2021, it managed to turn a profit of £27m the following year. However, the latest available accounts for 2023 show it fell back into the red with a £60m loss. Pret a Manger declined to comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
The Independent
2 days ago
- Business
- The Independent
Pret A Manger says it may consider stake sale ahead of possible flotation
The owner of Pret A Manger has said it could consider selling a stake in the sandwich chain ahead of a potential stock market flotation. Luxembourg-based JAB Holding – which bought Pret for £1.5 billion in 2018 – said 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. A spokesperson for JAB, which also owns Krispy Kreme and Keurig Dr Pepper, said: 'As we move closer to a potential IPO, we may evaluate bringing on a pre-IPO investor.' It is thought to mark the first time Pret has publicly confirmed IPO plans for Pret. The news, which was first reported by the Financial Times, comes after it last month announced the appointment of 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. 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.
Evening Standard
2 days ago
- Business
- Evening Standard
Pret A Manger says it may consider stake sale ahead of possible flotation
Luxembourg-based JAB Holding – which bought Pret for £1.5 billion in 2018 – said 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.
