LONDON, May 22 — British coffee and sandwich chain Pret a Manger today said it had agreed to buy rival EAT, tapping into growing UK popularity for vegetarian and vegan food.
Pret, owned by investment giant JAB Holdings, is buying EAT for an undisclosed sum from private equity firm Horizon Capital, a statement said.
The 94 EAT branches in Britain will mostly be converted to ‘Veggie’ Pret stores, it added.
Veggie Pret launched in 2016, with currently four locations in London and the English northwest city Manchester.
Overall, Pret has more than 500 branches in nine countries around the world, including 237 in London.
“In response to growing consumer demand for more vegetarian and vegan options on the high street, Pret plans to convert as many of EAT’s shops as possible to ‘Veggie Prets’,” the statement said.
“This acquisition is expected to significantly accelerate the growth of this brand.” — AFP