Pret A Manger have recently brought back Larry Billett, the former Pret Chairman to tackle the company's £700million debt.
The sandwich chain racked up loans and debt worth almost £700million at the end of 2022.
In a bid to reduce this figure, the chain this wee brought back Larry Billett, who was Pret’s chairman from 2003 to 2011, alongside Sinclair Beecham who co-founded the business in 1983 with Julian Metcalfe.
Current chairman Olivier Goudet will step down and be replaced by current board member Konrad Meyer.
In a statement, Meyer said: “As a final step in leaving the pandemic behind, we are implementing plans to reduce debt.
“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.”
The firm has agreed to pay the debt back using three month SONIA rates set by the Bank of England
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Pret had around £698million debt by the end of 2022, its latest accounts show, as pandemic closures led to steep losses at the firm.
The firm has agreed to pay the debt back using three month SONIA rates set by the Bank of England.
This has seen the interest rates on the debt rise to nearly nine per cent.
The sandwich chain has also been criticised for their high sandwich prices.
As they look to cut debt, Britons may worry if this means another hike to the amount they pay in store.
Last year, Pret faced a backlash from customers after charging £7.15 for a cheese and onion sandwich at a branch in High Street Kensington station. The eat-in price tag for the Posh Cheddar and Pickle product was slammed as a “rip-off” by furious diners.
Customers have taken to social media to share their distain at some of the eat in prices at Pret.
On X, formerly Twitter, one customer said: “No doubt with inflated prices. Bought two breakfast rolls and a tea at Pret a Manger on Wednesday on my way back to Oslo.
“£15, even Norway is cheaper than this and it's exorbitant. Stop treating your customers as a cash cow.”
Another said: “Pret A Manger is wild for their prices.”
A Pret A Manger spokesperson said items cost more in transport hubs due to higher operational costs.
Most customers can buy the baguette to take away for £4.99 in non-station outlets, they added.
LATEST DEVELOPMENTS:
In an apparent crackdown on subscribers sharing their benefits with others, Pret last month launched a new system for its Club Pret members.
Those who pay for the £30 membership will have to log in through Pret’s app every time they want to claim a free coffee, smoothie or food discount.
Pret said the move “will deliver a more complete digital experience, so that the Pret App becomes the main digital touchpoint for our customers”.
“We encourage any customers that need further support to contact our customer service team.”
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