Pret A Manger names new chair as it sets sights on international expansion
Coffee chain Pret A Manger has named its new chairman and announced the return of one of its co-founders as it shakes up its board amid a period of international growth.
On Tuesday, the high street cafe said Olivier Goudet, who served as chairman since JAB’s acquisition in 2018, will be replaced by colleague and JAB Partner, Konrad Meyer.
Meyer led the acquisition of Pret by JAB in 2018 and has been a Pret A Manger board member since then.
The British sandwich shop was sold to the German company in a £1.5bn deal from private equity firm Bridgepoint.
As part of the shake-up, Sinclair Beecham, one of Pret’s founders, and Larry Billett, Pret’s chairman from 2003 through 2011 and a board member until 2018, will return to the business.
Sinclair and Larry have continued as significant supportive investors in Pret the acquisition in 2018.
Beecham will not formally rejoin the board, but Larry will return as a non-executive director and chair of the Audit Committee.
Meyer said: “We are very proud of the transformation of Pret over the past few years, and we remain focused on the essence of Pret: happy teams and happy customers, and serving people with the Joy of Pret.
“As a final step in leaving the pandemic behind, we are implementing plans to reduce debt. I would like to thank Olivier for his strategic vision and leadership throughout the turbulent pandemic, and for tripling the number of Pret’s international markets.
“Olivier is handing over Pret A Manger as it returns to its pre-pandemic strength, now with much enhanced international and digital footprints.”
Pret A Manger, which means Ready to Eat in French, is now serving customers in 18 markets, including the UK, US, Canada, France, Belgium, Luxembourg, Spain, Italy, Switzerland, Germany, Hong Kong, Singapore, India and the Middle East
The firm said on Wednesday the board changes will “support Pret as it enters into further development partnerships with strong local franchise partners in a growing group of countries”.
Pret A Manger had 697 locations worldwide, including 498 in the UK.