Pret A Manger’s owner is looking to make a major move into insurance after a tough trading period for its food and drink business.
JAB Holding, which also owns Krispy Kreme doughnuts, has outlined plans to launch a global insurance platform and create an asset management business.
The group has brought in veteran US insurance executive Anant Bhalla as senior partner and chief investment officer to oversee the move, The Telegraph reported.
The move signals a notable strategy shift for the German private equity firm, whose investments in consumer brands have stumbled in the wake of the pandemic.
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Pret, which saw its debts jump to £744m in 2022, is grappling with elevated interest rates and customer backlash over changes to its subscription coffee programme.
Last month, the sandwich chain made a series of board changes, including bringing back its co-founder as it ramps up its next phase of international growth.
The revamp is likely to fuel speculation that JAB might consider selling of some of its well-known consumer businesses.
It has already completed stock market listings for some of its brands, including coffee group JDE Peet and Krispy Kreme.
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