Travers Smith LLP has advised long-standing client Pret A Manger on a significant upsizing and amend/extend of their senior debt facilities, which included the addition of approximately £227m of new commitments to refinance existing shareholder debt and to support expansionary capex.
Founded in 1986, Pret A Manger is the UK’s leading retailer of high-quality natural, ready to eat sandwiches, salads and drinks. Pret currently operate 444 shops (across the UK, USA, Hong Kong, China, UAE and France) and employ over 10,000 people. Pret is expected to generate sales in excess of £750m and EBITDA in excess of £90m in 2016.
Pret A Manger is majority-owned by Bridgepoint, together with other institutional investors and management.
A Travers Smith cross-departmental team was led by finance partners Barry Newman and Matthew Ayre, supported by finance associate Daniel Domb. Corporate advice was provided by private equity partner Ian Shawyer and senior corporate associate Sonal Patel. Specialist tax advice was provided by tax partner Simon Skinner and tax associate Amie McFadzean.
Client relationship partner Ian Shawyer commented: “We are delighted to assist Pret with this significant financing mandate, which also demonstrates the depth of liquidity available in the market for corporate borrowers."