Hertfordshire-based hospitality business, The Chesterford Group is set to open four new Pret a Manger shops as a franchisee thanks to a £1.2M funding package from HSBC UK.
The Chesterford Group currently operates 39 fish and chip takeaways and restaurants throughout the South of England. In 2021, the company created a new entity, Joy Brands, following a successful bid to become one of the first three Pret a Manger franchise partners in the UK. The agreement with Pret a Manger covers Essex, Hertfordshire and Cambridgeshire, and will run alongside the successful fish and chip business with specialist teams in place to ensure the smooth operation of the Pret business.
Following the initial acquisition of four sites in 2022, the new £1.2M funding from HSBC UK will enable The Chesterford Group to set up and open a further four Pret a Manger shops. The first was a 2,200 sq. ft site in Bishops Stortford, which opened in February 2023, with a second 1,900 sq. ft site set to open in Freeport Designer Shopping Village, Braintree on 15th June.
Within the next five years, The Chesterford Group aims to open a further 25 new Pret a Manger sites. Each will create 20 job opportunities in various roles such as General Managers and Baristas for the local community and will bring Pret’s organic coffee and freshly made food to regional high streets and shopping centres.
James Lipscombe, owner and managing director at The Chesterford Group, said: “Since establishing Joy Brands, we have become Pret a Manger’s best-performing franchisee globally. We’re grateful to HSBC UK for the bank’s support so far and we’re looking forward to continuing our relationship as we expand our business in the years to come.”
Neil Hoskins, relationship director at HSBC UK, commented: “The Chesterford Group is a well-established award-winning business. We are delighted to be supporting the team as they seek to grow their Pret franchise business, meeting demand for food-on-the-go in areas they already know well, whilst consumers navigate busy lifestyles and seek out, convenient yet freshly prepared meals.”
