GOLDMAN SACHS has sold its £50m stake in Pret A Manger, the sandwich chain. The American investment bank took a 14% slice of the business in 2008 as part of a deal in which Bridgepoint, the private equity firm, bought a majority stake.
Now the bank has sold its stake to Bridgepoint, which today owns 66% of the company. Pret’s founders, Julian Metcalfe and Sinclair Beecham, jointly own a further 15% of the business, with the rest held by the management.
It is not clear how much Bridgepoint paid to buy Goldman’s shares or what value the deal puts on the company. Bridgepoint’s original acquisition valued Pret at £345m and Goldman is understood to have made a profit from its investment.
The company runs more than 280 outlets in Britain, America and Hong Kong and has recently expanded into France. It generated sales last year of £377m, a 15% rise on 2010. However, interest payments and goodwill charges wiped out its profits, leading to a £30m pre-tax loss.