Pret A Manger reportedly seeking £87m in urgent bank funding
The company runs more than 500 sites in the UK.
Pret A Manger is reportedly seeking an emergency bailout worth €100 million (£87 million) as it struggles during the coronavirus lockdown.
“As a business coming out of this, we might look different, possibly smaller. I wish I could tell you in six months what size of Pret will be. What I can tell you is that Pret will still be there,” CEO Pano Christou told the Financial Times.
The sandwich chain is seeking the amount from global banks to make up for the money it has lost due to the ongoing lockdown. He also said the firm had not yet attempted to access any government loans. T
With more than 500 sites in the UK, the chain reportedly has enough money to make it through the current lockdown. But it says it needs more funds for a ‘test and learn stage’ to develop new systems and products for after the outbreak.
Read the full report here.
