入札者s lining up for £400m Pret

By Helia Ebrahimi
Updated: 11:32 BST, 24 July 2007

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挟む shop chain Pret A Manger could 減少（する） its 計画（する）s for a flotation in the 直面する of a possible £400m bidding war by 私的な 公正，普通株主権 買い手s.

Pret, which is 大多数 owned by 創立者s Julian Metcalfe and Sinclair Beecham, was on cou rse to 名簿（に載せる）／表（にあげる） its 株 as 早期に as this autumn in a move 推定する／予想するd to value it at between £300m and £350m.

But unsolicited approaches from Lion 資本／首都, Bridgepoint and PPM have raised the prospect of a much bigger windfall for the owners.

Though a formal sales 過程 is not in place and companies have not yet 伸び（る）d 接近 to the 調書をとる／予約するs, 早期に 会談 have been held between 銀行業者s.

The 私的な 公正，普通株主権 会社／堅いs have all been 伴う／関わるd in the leisure 部門. Lion 資本／首都 owns noodle chain Wagamama, PPM owns the Chez Gerard restaurants, while Bridgepoint is a former owner of the Holmes Place fitness club group.

Earlier this year, Metcalfe, who is Pret's 長，指導者 (n)役員／(a)執行力のある, told 財政上の Mail that the company was 存在 advised by 投資 bank NM Rothschild about a flotation 戦略.

It is understood that the company planned 最初 to float only about 20% to 30% of the 商売／仕事, which 地位，任命するd 利益（をあげる）s of £23m to the year ending January.

Because of its ambitious growth 計画（する）s in the US, some 観察者／傍聴者s believe Pret may soon be given a 株 price valuation as 楽観的な as some other restaurant groups such as Carluccio's, which could lead to a market value of about £500m.

株主s would then be 推定する／予想するd to sell 負かす／撃墜する more of their holdings, giving directors a second windfall.

However, 利益／興味 from 私的な 公正，普通株主権 入札者s could stop the 名簿（に載せる）／表（にあげる）ing in its 跡をつけるs if an 申し込む／申し出 that was attractive enough was （米）棚上げする／（英）提議するd.

McDonald's, which owns 33% of Pret, has not 表明するd an 利益／興味 in bidding.

The burger chain 巨大（な） recently 性質の／したい気がして of its 利益／興味 in American restaurant group Chipotle after the company 名簿（に載せる）／表（にあげる）d on the New York 在庫／株 交流 and is 推定する／予想するd to follow the same 戦略 with its Pret 火刑／賭ける.

Metcalfe, 47, began Pret more than 20 years ago with Beecham. Though Beecham has a smaller 役割 in the company, the two 持つ／拘留する about two thirds of the 株.

Today, Pret has more than 200 UK 蓄える／店s and 11 出口s in New York, with その上の US 開始s planned.