Pret a Manger is looking into the possibility of listing on the stock market, reports City AM on Tuesday. Julian Metcalfe and fellow founder Sinclair Beecham hold two thirds of the British sandwich firm as well as the voting rights and want to do a deal in the next 18 months. Metcalfe told the paper that they are already in discussions with bankers.
McDonalds, which acquired a third of the firm in 2001 for GBP 50m offered no comment on its attitude towards any listing. Without any voting rights in the company, it is difficult to see what they can say really.
Analysts suggested a value of anywhere from GBP 150m and 280m, with the company seeing turnover of GBP 190m in 2006 with pre-tax profit of GBP 8m. The float is aimed at supporting an overseas expansion programme.
Metcalfe re-established control over the company in 2003, following a boardroom coup to oust Andrew Rolfe, chairman and chief executive, and Harvey Smyth, deputy CEO.