PRET to be sold

Pret-a-Manger founded by college buddies Julian Metcalfe and Sinclair Beecham in 1986, is about to be sold for more than £400 million, putting the two founders in line for a mega pay day. Private equity firm Bridgepoint and Icelandic investor FL Group are among those keen to gobble up the 150-strong chain. Pret, which turns over about £150 million a year, had been heading for an autumn stock market flotation, however, the owners changed their minds after some interesting approaches. McDonald's became a shareholder five years ago, paying between £40 million and £50 million for a third of the company. (source: The Londonpaper)