Sandwich chain Pret A Manger said today that it was at the early stages of considering a flotation on the London Stock Exchange.
The group said it was looking into the possibility of listing within the next 18 months, in a move which London newspaper City AM reported could value the company at between #150 million and #280 million.
Pret, famous for its preservative-free, fresh food, is said to be in preliminary talks with its bankers regarding the move, which would help it fund its international expansion plans.
Commercial director Simon Hargraves confirmed that the company, which has more than 160 shops in England and Scotland as well as branches in New York, Hong Kong and Singapore, was in the very early stages in exploring the move.
The group has previously resisted turning the business public to avoid the pressure to grow value from the chain.
It last considered a flotation in 2001 but, instead, took the controversial decision to work with McDonald’s which bought a 33% non-controlling stake in the business for #50 million. Pret said it had not yet spoken to McDonald’s regarding a possible listing.
Last year, Pret banked pre-tax profits of #8 million on turnover of #190 million.
Pret plans to open 25 new shops in 2007 and said it is also planning to open its new smaller Pret Pod sandwich kiosks in shopping centres, on retail parks and leisure schemes as well as at airports and railway stations.
The first Pret Store was opened by college friends Julian Metcalfe and Sinclair Beecham in Victoria in 1986.
