Pret A Manger, a popular sandwich and coffee chain that started in London, is no longer just a favorite for British lunch-goers. Over the past few years, Pret has been growing fast beyond the UK, with one in every four pounds now spent outside the country. This international expansion is a key part of Pret’s future, as it continues to open more stores across the globe.

Big Sales and International Success
In the first half of 2024, Pret reported that a quarter of its total sales came from international markets. That’s a huge milestone for the brand! Despite being a British-born company, Pret is now making waves in many other countries. By the end of 2023, the brand had opened 81 new shops around the world, and more than half of those were outside the UK. With this growth, Pret now operates in 18 countries, including major markets in Europe, Asia, and the United States.

Sales Numbers on the Rise
According to Pret’s half-year results, the company made £569 million in sales in the first half of 2024. This is a 10% increase from the same period the year before, showing how the company’s international growth is paying off. Pret’s expansion into new markets has been a big reason for this sales boost. In fact, the company plans to continue opening new shops all over the world, especially in the US, where it has big plans for the future.

Pret’s Global Vision
While Pret is still proud of its British roots, its leadership knows that expanding internationally is the key to staying successful. Pret has always been a favorite in the UK, but as the food industry becomes more competitive, especially with brands like Greggs offering cheaper options, Pret needs to think beyond the British market.

One of Pret’s biggest focuses for growth is the United States. The company aims to open 10 new shops on the east coast of the US by 2026, with New York City being a prime location for these new stores. Pret already has a strong presence in the US, but New York is considered its “overseas capital.” This means that Pret sees New York as a major hub for its international success and wants to grow even more there.

Challenges Along the Way
Even though Pret has seen a lot of success, it hasn’t been all smooth sailing. In recent years, the company has faced some tough challenges. Many customers started choosing cheaper options, like Greggs, and this caused some trouble for Pret. The company also struggled with debts, making things even harder. To help fix these issues, Pret’s board of directors saw some big changes earlier this year.

Leadership Changes
Pret’s new chairman, Konrad Meyer, is now leading the company’s push for international growth. Meyer has been with Pret since 2018, when the German company JAB bought Pret for £1.5 billion. He knows the business inside and out, which is why he was chosen to take on this important role.

Meyer’s main goal is to guide Pret through its next phase of expansion. This means continuing to open new shops around the world while also making sure the company stays financially strong. Pret’s recent results suggest that Meyer’s leadership is already making a positive impact.

Financial Health
In addition to announcing its half-year sales results, Pret also shared its 2023 financial report. The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at £166 million for 2023. This is a 12% increase from the previous year when earnings were £147.8 million.

To keep the business running smoothly and support its international expansion, Pret’s shareholders raised £250 million in new capital earlier this year. This money will help reduce some of the company’s debts and give it more financial flexibility. The goal is to make sure Pret has enough funds to keep growing while also improving its overall financial health.

Looking to the Future
Pret’s CEO, Pano Christou, is excited about the company’s future. He believes that Pret’s global expansion is a major achievement, but also a huge opportunity. With more and more sales coming from outside the UK, Pret is in a strong position to keep growing internationally. Christou is confident that Pret will continue to reach new customers in even more countries next year.

In his own words, Christou said, “I look forward to taking Pret to even more people, in more places, next year.” This optimistic outlook shows that Pret isn’t slowing down any time soon. The company is determined to keep pushing forward, opening new shops, and introducing its famous sandwiches and coffee to people all over the world.