Pret A Manger to pay ALL its staff £1,000 bonus when £1.5bn sale is completed

Robin de Peyer29 May 2018

Pret A Manger’s chief today announced a £1,000 bonus for all of the company’s staff when the company’s planned sale goes through.

The sandwich giant is set to be sold by private equity firm Bridgepoint to JAB , the investment arm of Germany’s Reimann family, for £1.5 billion, it was announced on Tuesday.

Chief executive Clive Schlee revealed that thousands of the chain’s employees would receive a windfall when the deal is finalised.

“Today is a big day for @Pret,” he tweeted. “As we welcome JAB, we’ll be thanking the people who really matter by giving each of our 12,000 employees £1,000 when the deal completes.”

Pret staff receive a typical basic wage of £8.25 an hour in London and other expensive cities, the company says.

A spokeswoman for Pret could not confirm a date for when the deal will be completed, but said it is expected during the summer.

Bridgepoint, which bought Pret for £364 million in 2008, had been considering listing the firm in New York.

Staff bonus: Pret A Manger
Rex

Mr Schlee earlier said: “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 £879 million 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.

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