Pret A Manger has today announced the appointment of Alvarez & Marsal (A&M) and CWM to advise on aspects of a comprehensive transformation plan and to examine the best options to adjust its business model in a new retail environment.
Over the last month, Pret has undertaken a major review of its operating model to ensure that it can safely and effectively open over 300 UK shops to comply with the latest guidelines on COVID-19.
The business has also accelerated its plans to bring Pret to more people. This includes serving customers through new channels, recently launching its first retail coffee offering with Amazon, and broadening its delivery and digital footprint in partnership with Deliveroo, Just Eat and Uber Eats.
A&M and CWM will now join Pret in its transformation programme, focusing in particular on the cost base of the business, including leasehold pressures in light of the changed market conditions.
Commenting on the appointments, Pano Christou, Pret A Manger CEO said, “Like the rest of the industry, we have been radically adapting our business model to succeed in the face of the changing market conditions. Reduced footfall, combined with high rental costs, have placed substantial pressure on our business.
“We are putting together a clear plan to address these issues and are already making good progress, with more than 300 shops up and running again as of next week. While Pret may look and feel a bit different in the short term, if we take the right steps today, we’ll make sure that Pret can thrive in the future and serve even more customers with great food and coffee.”
Pret, which has about 8,000 employees and around 430 shops in the UK, is owned by JAB, a global consumer goods investor.