Thousands of employees at Pret A Manger will receive bonuses of £1,000 each after German investors complete their purchase of the sandwich chain for £1.5billion bonus.
The favourite of High Streets and train stations up and down the country employs 12,000 staff and chief executive Clive Schlee, said that the bonus will be paid to all who are on the payroll during the week the deal completes. ‘It’s serendipity for those who have just joined,’ he added.
Private equity firm Bridgepoint today offloaded its majority stake in Pret to JAB, the investment vehicle of Germany’s wealthy Reimann family. Bridgepoint bought Pret for £364million in 2008, which means it has made a 312 per cent profit.
Pret A Manger chief executive Clive Schlee said it was `a day of celebration´ (Ben Fitzpatrick/Newscast/PA)
Pret chief executive Clive Schlee said: “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.’
Pret has 530 stores worldwide and is rapidly expanding globally in countries such as the US, China and France.
It booked revenues of £879million last year.
Olivier Goudet, JAB partner and chief executive, 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 is also behind Krispy Kreme donuts, Kenco coffee and Dr Pepper.