Filipino fast food corporation could take over Pret A Manger

Pret a Manger: Filipino fast food group Jollibee Foods Corp is reportedly eyeing a potential takeover of the British sandwich chain

Hatty Collier18 September 2017

A Filipino fast food group is reportedly eyeing a potential takeover of British sandwich chain Pret A Manger.

Jollibee Foods Corp is said to be discussing a potential deal with an adviser which could value the UK company at more than £738 million.

The firm is the parent company of Jollibee which is best known for its menu featuring fried chicken, noodles and spaghetti.

The Filipino company's offer would value Pret at £738 million, according to Reuters, which first reported the story, citing sources.

A possible takeover of Pret A Manger - which is owned by private equity firm Bridgepoint - would expand the global reach of Jollibee Foods Corp, which has a market value of £3.79 billion (263 billion Philippine pesos).

The Filipino chain currently operates in countries including the US, Kuwait, Singapore and Hong Kong, according to its website.

A spokeswoman for Pret said the company was "unable to comment on market rumours".

Pret, which has stores in London, New York, Paris and Hong Kong, opened 50 new shops during 2016, including 31 in the UK, taking its total to 444, with the 500th set to open over the next 12 months.