Filipino fast food group Jollibee eyes up Pret A Manger

 
Helen Cahill
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Pret's owner has reportedly been exploring an IPO (Source: Getty)

Filipino food group Jollibee Foods is considering a bid for British sandwich chain Pret A Manger, according to reports.

Jollibee, which has 2,700 outlets, has brought in advisers to consider a takeover of Pret, Reuters reported. Its offer for the British chain could value it at more than $1bn (£740m).

The Filipino group sells burgers and other fast foods, and has a market value of $5.2bn.

The company has been expanding across Southeast Asia, and a takeover of Pret would be one of the biggest overseas deals executed by a company from the Philippines.

Pret, which focuses on healthy food and coffee, made £776m in revenues last year, a rise of 15 per cent, and it now has more than 400 shops, having opened 50 in 2016. Like-for-like sales were up by 4.8 per cent.

It emerged in May that the sandwich chain's private equity owner, Bridgepoint, is exploring a New York float for the company.

Pret declined to comment.

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