Pret staff to get £1,000 in buy-out bonus

● Bridgewater to sell sandwich chain to German billionaire family

All 12,000 workers at Pret A Manger are each set to receive a £1,000 bonus once the sale of the international sandwich chain goes through.

The announcement comes as a deal was agreed to sell the firm to a family of German billionaires.

A majority stake in the chain, owned by private equity firm Bridgepoint, will be off-loaded to Luxembourg-based company JAB, the investment vehicle of Germany’s wealthy Reimann family.

Bridgepoint bought the chain for £364 million in 2008, with Pret’s management team retaining a 33 per cent stake.

The sale price has not been confirmed but reports suggest the deal could be worth £1.5 billion.

“This is a day of celebration at Pret,” said Pret chief executive Clive Schlee.

“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.”

Mr Schlee also said on Twitter that 12,000 Pret employees will be given £1,000 when the deal is completed.

Pret has 530 stores worldwide and is rapidly expanding globally in countries such as the US, China, Hong Kong and France.

It took £879m in revenue worldwide last year.

The sale is expected to be finalised this summer.

In 2001 Mcdonald’s bought a third, non-controlling stake

0 Pret A Manger has 530 stores worldwide and is rapidly expanding globally in countries such as the US, China, Hong Kong and France in Pret, but sold it on to Bridgepoint in 2008.

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.

The name Prêt à Manger translates as ready to eat. It was based on the French fashion term prêt-à-porter, meaning ready-to-wear clothing.

College friends Sinclair Beecham and Julian Metcalfe set up the chain after purchasing the name from a failed takeaway business, opening their first shop in London in 1986.

The original Pret A Manger, located opposite Hampstead underground station, had its own kitchen and offered freshly made filled baguettes, croquemonsieur and other convenience foods.

The store traded for 18 months, before going into liquidation.