Pret plans to double size of business within five years
Pret A Manger has unveiled plans to double the size of its business within the next five years by growing its shop estate, expanding into new international markets and investing in new digital capabilities.
Backed by a £100 million net war chest from owner JAB and Pret founder Sinclair Beecham, the plans are part of the company’s next phase of its transformation plan.
Pret first embarked on its transformation programme during the summer of 2020 after sales fell during the early stages of the coronavirus pandemic. In accounts filed at Companies House, the company posted an operating loss after tax and total comprehensive income of £256.5 million in the year.
In a statement, JAB said trade is now approaching pre-pandemic levels following the launch of new initiatives such as a coffee subscription service and the roll out of new retail partnerships with the likes of Tesco, Sainsburys and Amazon in which it sells bake-at-home frozen products, granolas, coffee and barista coffee beans.
The new plans include continuing to develop its menu and transforming its digital footprint, as well as expanding its UK shop estate by opening more than 100 shops in the next two years, most of which will be situated in regional and suburban areas.
In addition, Pret signed its first major franchise partnership over the summer, with further agreements expected later this year. Many of the 100 new franchised shops will be located in transport hubs and motorway service stations as Pret builds on its existing partnerships with forecourt operator MFG and motorway services operator Moto.
Speaking about the expansion plans, Pret’s chief executive Pano Christou said: “Last year we were in the eye of the storm during the height of the pandemic. Now we have the chance to build a bright new future for Pret. What the pandemic has shown us is that even at the darkest moments, more people want to experience Pret – whether that’s customers outside of London and other big cities, new franchise partners who want to work with us here and overseas, investors in our business, or people who want to grow their careers here and be part of what we’re trying to build.
“It’s been an incredibly tough two years, but we have an incredibly opportunity ahead. Last year, we delivered more change than in thirty years of Pret history. As we move into the next phase of our transformation, we want to keep the same pace of innovation, but use it drive
new growth.”
