Pret a Manger may drop IPO for private buyer -paper

LONDON (Reuters) - British sandwich chain Pret A Manger is considering ditching flotation plans and taking advantage of interest from several competing private equity firms, the Financial Mail reported on Sunday.

Pret said in April it was considering an initial public offering (IPO) to fuel rapid expansion into the United States. The IPO was expected to value the group at around 300 million pounds ($615 million).

But the company has received unsolicited approaches from Lion Capital, Bridgepoint and PPM, and bankers have held early stage talks, the paper said. Pret has more than 150 outlets, most in Britain and a few in the United States.

Pret could not immediately be reached to comment.

The food chain's founders, Julian Metcalfe and Sinclair Beecham, own two-thirds of the business after McDonald's bought a 33 percent stake in 2001.

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