Pret A Manger ECONOMIC

Supply Chain & Sourcing Relationships

Pret’s 2023 Modern Slavery Statement provides the supplied primary evidence on its supply-chain governance, while the retrieved materials do not identify Israeli suppliers, Israeli sourcing contracts, or an Israeli procurement programme.¹

No public evidence identified.

The reviewed sources also do not substantiate purchases, supply-chain facilities, or sourcing activity connected to occupied territory.^{1, 2, 3, 4, 5, 6, 7}

No public evidence identified in the reviewed corporate disclosures, UK records, Israeli franchise reporting, and TASE filings of direct Pret purchasing from Mehadrin, Hadiklaim, Galilee Export, Agrexco successors, or another named Israeli agricultural exporter; nor do those materials identify an Israeli importer of record, recurring counter-seasonal procurement, or Israeli-origin goods supplied through a disclosed third-party distributor or white-label arrangement.^{1, 2, 3, 5, 8, 9, 10}

No public evidence identified in the reviewed materials of Pret operations, sales, sourcing, distribution, or revenue in or to the West Bank, including East Jerusalem, or the Golan Heights; the documented intended franchise arrangement concerned Israel generally rather than a location in those territories.^{9, 11}

Product Origin, Labeling & Regulatory Compliance

Pret A Manger (Europe) Limited is an English private limited company whose Companies House SIC classification is food retail.³

Pret’s 2024 Impact Report states that the business operated 717 shops across 20 markets at the end of 2024.²

The retrieved material does not provide product-origin labels, Israeli import records, customs filings, or Israeli food-regulatory approvals for Pret products.^{1, 2, 3, 4, 5, 6, 7}

No public evidence identified of settlement-origin Pret products, product-label enforcement or customs findings concerning Pret, or a Pret public policy specifically governing sourcing or labelling from occupied territories.^{1, 2, 8, 9, 10}

The primary licence disclosures describe preliminary actions required before opening and do not establish that Pret products were imported, labelled, sold, or approved for retail sale in Israel before cancellation.^{9, 11}

Investment, Capital & Financial Exposure

JAB announced on 29 May 2018 that it would acquire a majority stake in Pret from Bridgepoint and other minority shareholders, without disclosing transaction terms in that announcement.¹²

Pret A Manger Limited was incorporated in England on 31 May 2018 and was previously named JAB (Acquisition) Ltd until 20 December 2019.⁶

The supplied materials do not establish direct Israeli equity investment by Pret, its disclosed UK holding companies, or JAB in relation to Pret.^{3, 4, 5, 6, 7, 12}

A 2024 Ynetnews report stated that Fox owner Harel Wizel and restaurateurs Ari and Yoram Yarzin acquired the local Pret franchise, reporting a commitment to establish 40 Israeli branches and investment of NIS 36 million.⁸

That report is evidence of a reported franchise plan rather than confirmation that an Israeli shop opened, remained operational, or generated revenue.⁸

Fox-Wizel’s primary filing states that Pret A Manger (Europe) Limited granted exclusive rights to establish and operate the Pret food-and-coffee chain in Israel to a subsidiary owned 80% by Fox-Wizel and 20% by Yarzin Sella Restaurants.¹¹

The reported December 2022 non-binding agreement in principle contemplated a jointly owned concession company, initially reported as 75% Fox and 25% Yarzin Sella Restaurants, a 10-year franchise renewable subject to milestones, at least 40 branches in the first decade, and a monthly percentage of net sales payable to Pret; this is evidence of proposed licence economics, not generated sales or royalties.¹³

The later 80%/20% ownership description differs from the 75%/25% proposal, and the retrieved materials do not establish whether the terms changed before an intended binding agreement.^{11, 13}

Pret notified the franchise vehicle on 30 May 2024 that it was cancelling the licence agreement, attributing the cancellation to force majeure arising from the war that began on 7 October 2023 and its claimed effect on preliminary actions required to open the business.⁹

Pret initiated London arbitration on 29 July 2024, seeking a declaration that the cancellation was lawful and alternatively relying on the agreement’s liability limitation.⁹

On 30 September 2024, Fox-Wizel, the franchise subsidiary, Yarzin Sella Restaurants, and Pret concluded a settlement under which Pret was to pay the franchise subsidiary £3 million within seven days, without admission of claims and in full and final settlement of disputes relating to the licence and cancellation.¹¹

Fox-Wizel’s later filing records a one-off 2024 receipt of approximately £3 million / NIS 14.9 million following the licence cancellation; it records recipient-side accounting and does not describe the amount as Pret retail sales, franchise royalties, payroll, tax, or operating revenue.¹⁰

No public evidence identified in the retrieved primary materials that the £3 million settlement obligation was paid by Pret, or that the sum constituted sales, royalties, payroll, tax, or any other operating revenue.^{11, 10}

JAB’s 2025 half-year report lists Pret Panera Holdings B.V. as a consolidated Dutch subsidiary, with 67.8% economic ownership and 68.9% voting rights as at 30 June 2025, and identifies Fast Casual Restaurants as a JAB investment platform; it does not provide a complete legal-entity schedule beneath that platform or name an Israeli Pret operating company.¹⁴

No public evidence identified in the retrieved entity-focused materials of direct Israeli equity investments, Israeli operating assets, offices, tax residence, permanent establishments, R&D sites, or profit-repatriation arrangements held by JAB, Pret Holding 2 Ltd, Pret A Manger Limited, or disclosed Pret controlling principals.^{3, 4, 5, 6, 7, 15, 16, 14, 17, 18}

JAB’s disclosed consolidated and significant non-consolidated holdings are registered in Luxembourg, the Netherlands, the United States, the United Kingdom, and Brazil, rather than Israel; this disclosure is not a complete JAB portfolio or country-exposure schedule and therefore does not establish absence across all JAB investments, subsidiaries, or principals.^{14, 19}

Operational Presence & Market Activity

Pret’s 2024 Impact Report describes an estate of 717 shops in 20 markets at the end of 2024, of which 57% were equity-operated and 43% franchise-operated.²

The same report states that Pret employed more than 11,500 people at the end of 2024.²

The supplied evidence contains a reported Israeli franchise plan but no retrieved primary franchise agreement, Israeli corporate-registry record, current store-opening confirmation, Israeli office record, warehouse record, or R&D-facility record.^{8, 3, 4, 5, 6, 7}

The reviewed UK corporate records and Pret reports do not identify operations in occupied territory.^{1, 2, 3, 4, 5, 6, 7}

A United Nations Special Rapporteur report dated 2 July 2025 mentions Pret A Manger on page 37, but the underlying source chain for that mention was not retrieved in the supplied research and no associated activity is established here.²⁰

The UN report states that Pret A Manger was among companies that had withdrawn operations from the Israeli market, but this is retained as a UN-report assertion rather than independently established evidence of prior Pret operations because its underlying citation chain was not retrieved.^{20, 21}

The primary TASE filing materially qualifies that wording: it identifies a licence to establish and operate a chain, but does not state that a shop opened, that sales occurred, or that Pret itself operated an Israeli location.¹¹

The proposed first location was Tel Aviv Port, with a reported end-of-2024 target; reporting also described a possible second site north of Tel Aviv and office-tower points of sale, but these were plans only.^{8, 22, 13}

Contemporary settlement reporting states that no Israeli branches had opened, while the TASE materials identify only preliminary actions before the cancellation.^{9, 23}

No public evidence identified in the retrieved materials that a Pret retail location opened in Israel, including in the West Bank, East Jerusalem, or the Golan Heights.^{8, 9, 11, 10, 23}

The settlement preserved a contingent route to a future Israeli licence: if Pret elected to open Israeli shops within 36 months of 30 September 2024, it was to invite the former franchise company or its shareholders to enter a materially similar licence, and, if agreed and the first shop opened within that period, the franchise vehicle would pay Pret £1.5 million after that opening.¹¹

The retrieved material does not establish that this contingency occurred, that a new licence was offered or accepted, that a shop opened, or that the contingent £1.5 million was paid.¹¹

No public evidence identified in the entity-focused search of JAB-attributable Israeli employment, procurement, distribution, lending, underwriting, insurance, or trade-finance relationships; the JAB reports reviewed are not country-by-country exposure schedules and cannot establish their absence across every affiliate.^{14, 24, 19}

Corporate Structure & Foundational Ties

Pret A Manger (Europe) Limited, company number 01854213, is an active English private limited company incorporated on 10 October 1984, with a registered office at 75b Verde, 10 Bressenden Place, London SW1E 5DH.³

Companies House identifies Pret A Manger Limited as the sole active person with significant control of Pret A Manger (Europe) Limited, holding more than 75% of shares and voting rights and appointment or removal rights for directors.⁴

Pret A Manger Limited, company number 11391321, is an active English private limited holding company registered at the same London address.⁶

Companies House identifies Pret Holding 2 Ltd as Pret A Manger Limited’s sole active person with significant control, with more than 75% ownership and voting rights and appointment or removal rights.⁷

The retrieved PSC record does not identify an ultimate natural-person owner above Pret Holding 2 Ltd.⁷

Pret Holding 2 Ltd, company number 11417685, is an active UK private limited holding company incorporated on 15 June 2018, with the same London registered-office address; its latest confirmation statement is dated 14 June 2026 and its latest accounts are made up to 1 January 2026.^{15, 16}

The latest filing-history pages record accounts for Pret A Manger (Europe) Limited and Pret A Manger Limited for periods ended 1 January 2026, filed on 21 June 2026; those entries do not themselves disclose an Israeli registered entity, office, or permanent establishment.^{17, 18}

Pret’s 2024 Impact Report states that its first London shop opened in 1986.²

Companies House lists Panayioti Michael Andrew Christou as an active director and secretary of Pret A Manger (Europe) Limited, and Pret’s 2023 Modern Slavery Statement identifies Pano Christou as CEO.^{1, 3}

The reviewed UK company-register records and Pret corporate reports establish an English incorporation and UK control chain, but do not identify an Israeli-incorporated Pret subsidiary, Israeli tax residency, permanent establishment, or Israeli registered office.^{1, 2, 3, 4, 5, 6, 7}

JAB describes itself as a partner-led investment firm with generational capital and reports more than US$70 billion in assets under management; its corporate page does not identify an Israeli office, tax residence, or Israeli operating subsidiary.²⁵

JAB’s 2024 annual report identifies Pret as part of its fast-casual-restaurants platform and describes it as a United Kingdom-based chain, reporting approximately 720 shops, approximately 9,500 team members, 20 markets, and 43% franchised shops without identifying Israel as an operating market in the retrieved text.²⁴

No public evidence identified in this bounded research of a material direct Israeli-company investment, Israeli board role, Israeli political contribution, lobbying relationship, or Israel/Palestine-related foundation grant by Pano Christou, Pret founders Julian Metcalfe and Sinclair Beecham, or a confirmed ultimate controlling natural person; this is not a comprehensive principal-level finding because person-by-person political-contribution and foundation-grant research was incomplete.^{1, 3, 4, 7}

Profit Repatriation & Economic Contribution

The supplied evidence does not provide Israeli revenue, profit, tax, customs-duty, payroll, property, or repatriation figures attributable to Pret.^{1, 2, 3, 4, 5, 6, 7}

The reported Israeli franchise investment does not establish how franchise revenue, royalties, profits, or taxes would be allocated between franchise participants and Pret’s UK corporate group.⁸

No public evidence identified.

The proposed franchise model contemplated a monthly percentage of total net sales payable to Pret, but the retrieved evidence does not establish that sales occurred or that any such payment, licence fee, royalty, payroll, tax, or operating revenue arose before cancellation.^{9, 11, 10, 13, 23}

The recorded £3 million settlement was cancellation-related and payable by Pret to the franchise subsidiary; it is not evidence of retail sales, royalty income, payroll, tax, or profit repatriation, and the retrieved material does not confirm payment.^{11, 10}

The contingent £1.5 million payment would arise only after a future licence, acceptance, and opening of a first shop; the retrieved materials do not establish that those conditions occurred.¹¹

No public evidence identified in the reviewed materials of Israeli profit-repatriation arrangements, Pret-attributable Israeli revenue, tax, customs, payroll, property income, or operating profit.^{1, 2, 9, 11, 14, 10, 24, 19}