Pret CEO: Inflation From War Starting to Bite

Description

(Episode 35) Pano Christou, CEO of Pret, joins Sean Farrington for this episode of Big Boss Interview to discuss fuel volatility, salads, and subscriptions.Pret is starting to see inflation from the war in the Middle East, with fuel price volatility affecting the business. Prices aren’t currently set to rise, but he says they may have to if disruption continues. Some exports into the Middle East business are taking longer, but that’s not hampering Pret’s growth ambitions in the region.He says Pret’s revised £5-a-month drinks subscription has grown by close to 25% over the past year, after the original COVID-era offer had to “evolve”. Its newer large salad range has been a “roaring success”, selling 40% more units than expected, especially in the evening, as consumers move away from bread.He says he never set out to become chief executive, having worked his way up from assistant manager after earlier roles at Pret and McDonald’s, and says career progression comes from focusing on the job in front of you.Presenter: Sean FarringtonProducer: Jeevan NerwanEditor: Henry Jones00:12 Fliss and Sean set up the interview 01:58 Pano Christou joins the pod/return to the office 09:12 Pret's subscription offer 14:12 Career history - from assistant manager to CEO 31:15 Impact of the US-Israel war with Iran 38:15 Salad success/Brits moving away from bread 43:38 Weight-loss drugs 45:07 Listing