Pret a Manger to give employees £1,000 bonus after £1.5bn sale

Company buying the high street chain also holds stakes in Keurig and Krispy Kreme

The sandwich seller was founded in 1986 in London (Reuters)

Pret a Manger has been sold to investment firm JAB, the sandwich seller announced today, and plans to hand out £1,000 to each of its 12,000 workers when the £1.5bn deal completes.

The ubiquitous high street chain is currently majority owned by private equity group Bridgepoint, as well as other minority shareholders. The sale is expected to be completed by the end of this summer.

Details of the deal were not revealed. However, Bridgepoint has agreed to pay £1.5bn for the UK company, according to reports.

Clive Schlee, chief executive of Pret, said it was a “day of celebration” for the company.

“This agreement recognises the hard work of all our amazing teams around the world,” he said.

“Bridgepoint have 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. I am really looking forward to this next chapter of Pret’s story.”

Mr Schlee added that Pret delivered “solid results” for 2017, recording its ninth consecutive year of like-for-like sales growth.

Olivier Goudet, chief executive and partner at JAB, 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 holds controlling stakes in a number of well-known brands across the globe, including coffee machine brand Keurig, Panera Bread and Krispy Kreme Doughnuts.