Pret A Manger owner JAB Holding is looking at bringing in new investors ahead of a possible stock market listing for the sandwich and coffee chain.

It is understood that the European investment group has hired advisers to explore different options for the business, including selling a minority stake, sources familiar with the situation told The Financial Times.

However, JAB said it is “not currently” selling any shares in Pret. “As we move closer to a potential IPO, we may evaluate bringing on a pre-IPO investor,” the company said.

The move comes as JAB shifts its focus away from consumer businesses like Pret and Krispy Kreme, and towards financial services, such as insurance and asset management.

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The European investment group has also recently appointed José Cil, former boss of Burger King-owner Restaurant Brands International, as chair of Pret and other food businesses it owns.

An IPO would mark a major step for Pret, which was bought by JAB for £1.5bn in 2018. In recent years, the sandwich store has seen a strong recovery since the pandemic, when it suffered heavy losses and closed many shops. The company made £1.1bn in sales last year, up 20% year-on-year, with £166m in adjusted profits.

The food-to-go company has also expanded overseas, with a quarter of its sales now coming from international markets such as the US, France, and India. However, Pret is still dealing with high debt levels and rising costs, especially in the UK, where staff wages and inflation have had a big impact.

Last year, Pret a Manger axed its last remaining vegetarian-only stores as customers increasingly turn away from dedicated meat-free outlets.