Pret A Manger to give away £12m to staff after £1.5bn sale
It was announced this morning that JAB has acquired Pret from its private equity owner Bridgepoint and other minority shareholders for a reported £1.5bn.
Pret CEO Clive Schlee wrote on Twitter that once the deal completes this summer the company will thank “the people who really matter” by giving away £12m to its staff.
The £1,000 will be paid to all employees who are on the payroll during the week the deal completes.
Bridgepoint acquired Pret for £345m in 2008 when it had around 200 sites. The sandwich chain, founded in London in 1986, now operates 530 stores worldwide in locations including the USA, Hong Kong and Dubai.
The deal follows nine years of like-for-like sales growth at Pret, which generates group revenues of £879m.
“This is a day of celebration at Pret,” says Schlee. “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. I am really looking forward to this next chapter of Pret’s story.”
JAB also owns US chains Einstein Bros Bagels and Panera Bread .
“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,” says Olivier Goudet, JAB CEO.
