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Pret A Manger chief Clive Schlee to step down in September

Sandwich and salad chain seeks to move on after a difficult year of grappling with several allergy deaths

The management change comes as Pret A Manger, which was bought just over a year ago by the investment company JAB Holdings for £1.5 billion (€1.67 billion), embarks on an expansion and strategy shift.

Mon Jul 1 2019 - 13:13

The head of Pret A Manger Clive Schlee will step down in September to be replaced by a veteran insider as the sandwich and salad chain seeks to move on after a difficult year of grappling with several allergy deaths.

Pano Christou, who has been at the company for 19 years and is currently the chief operating officer, will take over, and Mr Schlee will become a non-executive board director.

The management change comes as Pret A Manger, which was bought just over a year ago by the investment company JAB Holdings for £1.5 billion (€1.67 billion), embarks on an expansion and strategy shift. It will close the acquisition of rival EAT for about £55 million on Tuesday, and plans to transform the 94 outlets into “Veggie Prets”, which cater to the growing population of vegetarians, vegans, and people trying to reduce their meat consumption.

“I have been doing the job for over sixteen years and I feel the change will be good both for Pret and for me,” Mr Schlee said.

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During Mr Schlee’s tenure Pret A Manger expanded internationally to reach 550 outlets in nine countries including the US, France, and the Netherlands. The company says it has reached £1 billion in sales, while its last official accounts in the 2017 annual report showed revenue of £879 million and earnings before interest, tax, depreciation and amortisation of £99 million.

Mr Schlee had also been instrumental in Pret’s response to the crisis that engulfed the company last year after Natasha Ednan-Laperouse, 15, died after having an allergic reaction to sesame in a Pret baguette.

Since then the chain has moved to fully label all the ingredients, including allergens, on its products, making the change just before the UK government announced its intention to close the regulatory loophole that allowed some fast-food and casual dining restaurants not to label to their food. – Copyright The Financial Times Limited 2019

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