Pret A Manger hit with winding up petition by water company

Friday 14 February 2025 6:31 pm
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Friday 14 February 2025 6:32 pm

Sandwich stalwart Pret A Manger has been hit with a winding up petition by a enterprise water provider over unpaid money owed.

In accordance with the Excessive Court docket submitting system, Pret A Manger (Europe), a subsidiary of Pret Intermediate Firm, has been named in a winding up petition by Fort Water, an impartial enterprise water provider.

A winding-up petition is outlined as a critical assertion of intent by a creditor which might result in an organization to be shut down on account of unpaid money owed by obligatory liquidation.

The case was filed by the water firm’s legal professionals at Addleshaw Goddard on Thursday, with the Official Receiver famous as a 3rd social gathering.

Metropolis AM understands that that is in regard to uncontested debt. Metropolis AM additionally understands that the invoice is lower than £1,500.

An official receiver is a government-appointed insolvency practitioner who manages the monetary affairs of bankrupt individuals and corporations in liquidation.

Pret Intermediate Firm, the proprietor of Pret A Manger (Europe), reported working revenue of £26.1m in 2023, and system gross sales of £1.094bn.

Nevertheless, within the newest set of accounts filed with Corporations Home, Pret a Manger (Europe) posted an working lack of £3.7m.

The loss got here after the enterprise had reported a pre-tax revenue of greater than £54m within the prior 12 months.

Its accounts for its most up-to-date monetary 12 months should not on account of be printed till September 2025.

In a going concern evaluation, its report said that the corporate “would require extra funds, by funding from its guardian firm… to fulfill its liabilities”.

An auditors’ report on the accounts stated there have been “no materials uncertainties that would have forged doubt over [Pret’s] capability to proceed as a going concern for no less than a 12 months from the date of approval of the monetary statements”.

“The chance that we thought-about more than likely to adversely have an effect on the corporate’s accessible monetary assets and/or metrics related to debt covenants over this era was an lack of ability to realize the income progress targets within the group’s marketing strategy as a outcomes of a discount in buyer’s degree of earnings,” the auditors’ report added.

Metropolis AM has reached out to Pret A Manger (Europe), Addleshaw Goddard, Fort Water and the Authorities insolvency service for remark.