Pret A Manger is bringing back its founder to help clear up the current furore surrounding its prices, subscription service and to help reduce its debt pile.
Sinclair Beecham, who founded the business in 1986, said his return is to “reaffirm Pret’s mission” after a rising tide of comments that the coffee and sandwich chain is a rip-off.
Earlier this year, Pret cut the prices of six of its best-selling sandwiches after an accusation of profiteering, something it had batted away before by stating it had always been transparent with customers.
Customer ire has also been focused on the app-based subscription service, which has been plagued by technical difficulties, plus a clampdown on people at work sharing the app.
By paying £30 a month subscribers can have five hot drinks a day
As part of the reshuffle, private equity owner JAB Holding has parachuted in one of its team, Konrad Meyer, as the group’s chairman to replace Oliver Goudet.
Former chairman Larry Billett is also returning as a non-executive director having held the top role at Pret between 2003 and 2011.
Pret had debt of £698 million by the end of 2022, its latest accounts show, much of it linked to 3-month SONIA rates set by the Bank of England that reports today said have pushed interest rates on the loans to nearly 9%.
Pret plans to open 150 new stores overseas this year to make 1,500 locations, including 500 in the UK by late 2024.
“With Larry’s return to the board, and Sinclair’s continued support, we are bringing together the brilliance of Pret’s past with the promise of Pret’s future,” Meyer added.