Pret to introduce meal deals as chain doubles down on value
The launch of Pret’s first UK meal deal marks the latest step in the brand’s ongoing value push, following changes to its Club Pret subscription last year.
Pret A Manager is set to test meal deals in the UK for the first time, as the business looks to refocus its value proposition and deliver sustainable growth as losses hit £552.9m for the year ending 2 January 2025.
The meal deal trial will launch this quarter, seeing Pret introduce deals across breakfast and lunch. The chain launched a similar proposition in France in January, which the business claims is performing well.
“We’re going to test out the price points,” said CEO Pano Christou yesterday (8 September).
“The difference with the Pret meal to those others – they’re buying a product that’s been made hundreds of miles away, many days ago. Our products have been made metres away, minutes ago. So, the freshness of our ingredients is unparalleled to those others.”
Pret A Manger scraps ‘too good to be true’ free coffee subscription
The business pointed to food and coffee innovation as its focus for 2025 and beyond, citing success with its range of larger, more expensive ‘Super Plates’ salads launched in July and starting at £9.95.
However, Pret has faced some criticism in recent years for being perceived as expensive.
In 2023, it repositioned its Club Pret subscription, increasing its price to £30 per month while offering customers the same number of daily drinks. By mid-2024, the business scrapped the offering in favour of a more accessible model, with up to five half-price drinks a day for £10 per month.
The business’s global sales increased 10% year-on-year in 2024 to £1.2bn, while like for like sales grew 2.8%. Pret’s EBITDA grew 36% to £98m, up from £72m in 2023.
The £552.9m loss is attributed to investment firm JAB’s acquisition of the brand in 2018, where it paid more than the company’s assets were worth at £912m.
“Management considers 2024 to be the first year since the start of Covid with consistent trading data on which to base future forecasts,” the business said it its report released yesterday.
According to the firm, the impairment takes into account the “uncertain global macro-economic environment” and the rising costs associated with Employer National Insurance payments.
