LEON, Pret A Manger appoint advisers to settle rent woes
Both chains are just some high street businesses affected by the pandemic due to lower footfall.
LEON and Pret A Manger have separately appointed advisers in a bid to seek rent relief from landlords.
Pret enlisted A&M and CWM to advise on a “comprehensive business transformation plan”, particularly focusing on the cost base of the business, including leasehold pressures “in light of the changed market conditions.”
“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,” Pret A Manger CEO Pano Christou said.
“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,” he added.
LEON, meanwhile, issued this brief statement: “We are working collectively with consultancy firm Quantuma and our landlords to find the right solution for everyone.”
Rental concerns from LEON and Pret were earlier reported by The Sunday Times.
