Fox in talks to bring Pret a Manger to Israel
Israeli retail chain Fox-Wizel Group (TASE:FOX) controlling shareholder Harel Wizel is in talks to bring UK freshly prepared food franchise Pret a Manger to Israel. Fox has notified the Tel Aviv Stock Exchange (TASE) on the matter and said that the negotiations have not been previously reported at the request of Pret a Manger’s owners. In 2019, Israel’s Café Café group held talks to bring Pret a Manger to Israel but the negotiations did not succeed.
Pret a Manger is a coffee, sandwiches and snacks chain with over 500 branches worldwide. The chain, managed by Pano Christou, operates in the US, Europe, China, Hong Kong, Dubai, and Singapore. Like other international chains, Pret a Manger has self-service shelves for hot food and refrigerators. The customers themselves collect the products and go to the cashier only to pay.
The two-year Covid pandemic has been a tough time for the chain, although Pret a Manger has staged a recovery with revenue in the first six months of 2022 up 230% from the corresponding period in 2021. In 2021 the company lost €225 million, narrowing from €343 million in 2020, BBC News reports.
Pret a Manger has opened 27 new outlets around Britain and plans to double its size in the next five years, including opening in five new markets in 2023 – India, Canada, Ireland, Spain and Portugal.
Published by Globes, Israel business news – en.globes.co.il – on July 12, 2022.
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