According to the Financial Times, JAB Holding has been weighing the possibility of bringing on board new investors in Pret ahead of a potential initial public offering (IPO).
JAB, which acquired Pret for £1.5 billion in 2018, has spoken to advisers in recent months about the possibility of a stake sale, although the firm said that this option is not currently under consideration.
“As we move closer to a potential IPO, we may evaluate bringing on a pre-IPO investor,” a JAB spokesperson told the FT.
Prior to this statement, JAB had not previously spoken about the potential for taking Pret public.
Food Manufacture has reached out to Pret for comment.
The news comes shortly after JAB hired hospitality industry veteran José Cil as the chair of Pret’s board of directors.
Cil most recently served as the CEO of Restaurant Brands International, which owns the Burger King, Tim Hortons, Popeyes and Firehouse Subs brands. He succeeded Konrad Meyer, who remains on the board.
Commenting on the appointment, Pret CEO Pano Christou said: “José’s vast experience in restaurants and franchising will play an invaluable role in making Pret a truly successful, fast-growing global business.
“I’m looking forward to working with José to help us deepen relationships with our franchise partners and drive sustainable profitable growth.”
Meanwhile, Cil expressed the admiration he has for the Pret brand, before arguing that it has only “scratched the surface” of its potential.
“I’m looking forward to working with Pano and the wider management team to double down on Pret’s simple, winning recipe: delicious, freshly made food and coffee, served by friendly, high performing teams in shops and restaurants across the world,” he added.
Pret opened its first shop in London in 1986 and now operates more than 700 locations around the world, most of which are in the UK. It specialises in coffee, sandwiches, salads and breakfast foods.
JAB also owns Krispy Kreme and Keurig Dr Pepper, but is reportedly looking to shift its focus away from the consumer sector.