REPORT: Pret A Manger's owners are preparing for an IPO later in 2017

pulse

May 10, 2017 10:22 AM

"Nothing has been decided on anything, there is now a lot of research and prep work to be done," a person with knowledge of the proceedings told the FT.

null

LONDON — The owner of high-street coffee chain Pret A Manger is considering listing the company in an IPO this year, according to a report from Bloomberg.

Bloomberg reports that Bridgepoint Advisers – which also owns casual restaurant chains Zizzi and Ask Italian — has instructed several banks to advise on a possible IPO in New York later in 2017.

The banks include Credit Suisse, Barclays, and Piper Jaffray, with Jefferies and JPMorgan appointed as lead advisers.

JPMorgan declined to comment when contacted by Business Insider.

Bridgepoint has not definitely decided on floating Pret, reports say. "Nothing has been decided on anything, there is now a lot of research and prep work to be done," a person with knowledge of the proceedings told the Financial Times.

"As a committed shareholder in Pret we are always exploring appropriate opportunities to ensure the future growth of the company. If such opportunities materialise, we will update the market," Bridgepoint said in a statement to the FT.

In March, Reuters reported that Bridgepoint had chosen US capital markets advisory firm Solebury Capital to advise on a planned stock market listing.

Late in April, Pret reported that 2016 sales rose by 15% compared to 2015, while earnings before exceptional costs and other deductions rose by 11% to £93.2 million.

The total number of shops increased from 399 to 444 at the end of 2016, spanning six countries. Pret says it will open its 500th store this year.

pulse