VANCOUVER — A&W Revenue Royalties Income Fund says it has reached an agreement in principle with the U.K.-based Pret A Manger chain to bring the sandwich and coffee chain to Canada.
During the two-year trial phase, A&W's food services operation plans to add Pret items to its restaurants in select markets in Canada.
If the pilot is successful, A&W would receive the exclusive franchise rights to expand the Pret brand across the country.
Details of the exclusive rights remain subject to negotiation and A&W board approval.
The A&W fund receives royalties equal to three per cent of gross sales at 994 A&W restaurants in the royalty pool. The royalty would also apply to Pret products sold in restaurants.
Pret A Manger, which opened in London, offers sandwiches, salads and wraps, along with organic coffee. There are more than 450 shops in the U.K., U.S. and several other countries.
This report by The Canadian Press was first published Oct. 25, 2021.
Companies in this story: (TSX:AW.UN)
The Canadian Press