Pret A Manger has today confirmed that has reached an agreement to buy food and drink retailer, EAT.
The operator of 400 sandwich stores across the UK said the purpose of the deal was to respond to growing consumer demand for more vegetarian and vegan options on the high street. Pret plans to convert as many of EAT’s 90 shops to its new ‘Veggie Prets’ format, which launched in 2016 and now operates from four sites in London and Manchester.
The deal was flagged at the end of last week and comes after a difficult period for EAT, which posted heavy losses last year on falling sales. It was owned by private equity firm Horizon Capital.
Clive Schlee, CEO of Pret commented: “The acquisition of the EAT estate is a wonderful opportunity to turbo charge the development of Veggie Pret and put significant resources behind it.”
Andrew Walker, CEO of EAT added: “It has been a privilege to lead EAT for the past 3 years, and I believe this acquisition creates new opportunities for employees and customers alike.”
NAM Implications:
- An enlarged and slightly diversified footprint for Pret…
- An opportunity to instil affective labour within its extended community.
- Meanwhile, a change of investment company ownership for EAT.
