0:00
we have some really good competition
0:01
around us but is there a particular
0:03
issue that keeps you awake at night i
0:05
can't say that there is actually i'm I'm
0:07
I'm annoyingly a really great sleeper we
0:10
are very much living in a world where
0:11
hybrid working exists and will continue
0:13
to do so we have to adjust the business
0:14
around that that's why you've seen us
0:16
open more shops in maybe areas where
0:18
people live as much as areas that where
0:20
people work especially in London so sort
0:22
of the the outer areas of greater London
0:25
you know competition is good and we have
0:26
some really good competition around us
0:28
we have some emerging competition that I
0:30
think is showing lots of
0:31
entrepreneurship and and lots of new
0:33
companies coming uh onto the high street
0:35
but we also have some maybe more
0:37
traditional competitors many of whom are
0:39
sort of really performing well and and
0:41
you know upping their game and and and
0:43
that's great i think that's a a really
0:44
good thing it's healthy competition i
0:46
think it's good for consumers i think
0:47
that will then help to to drive um the
0:50
growth agenda as well hello and welcome
0:51
to another edition of City AM's
0:53
Boardroom Uncovered with me John
0:54
Robinson my guest for this episode is
0:56
the managing director of Pressa MJ in
0:58
the UK Cla Kloff the MD has climbed the
1:01
ranks at Press after first joining
1:02
almost 15 years ago and is now in charge
1:04
of growing one of the UK's high street
1:06
staples but with rising taxes and the
1:09
economic environment continuing to be
1:10
challenging what are Kluff's plans for
1:12
keeping Pratt at the center of workers
1:14
breakfast and lunch schedules without
1:16
any further delay let's dive in claire
1:18
thank you for so much for coming on
1:19
boarding uncovered it's great to have
1:21
you thank you for having me i suppose
1:22
the first question is what's your press
1:24
order oh that's a great question so in
1:26
the morning uh it's an oat flat white i
1:28
either have um the sausage and egg pot
1:31
or I have the blueberry balance bowl so
1:33
depending on whether I'm feeling you
1:34
know like a want something hot or cold
1:36
um and then lunchtime I love uh the salt
1:39
beef fry roll that's my favorite we only
1:40
launched it a couple of years ago but it
1:42
was a firm favorite from the first day
1:44
ever tempted by the competition um yeah
1:46
i mean look I it's part of my job to
1:48
know what's going on in the competition
1:50
so yeah and I and I admire everyone in
1:53
the industry so I'm a I'm a food
1:54
industry person through and through so
1:56
I'm out and about in our shops but also
1:58
in other people's shops and I think look
1:59
there's a lot of great stuff going on in
2:01
the sector at the minute so as long as
2:02
we keep doing you know even better than
2:04
everyone else that's great yeah and the
2:06
staff discount must be pretty enjoyable
2:08
as well it's good it's good it's
2:10
obviously a perk um but I think you know
2:14
I was a prep customer long before I
2:15
joined and and had the staff discount as
2:18
well so yeah yeah well you've been at
2:19
Prep for almost 15 years what's kept you
2:22
there for so long it's going to sound a
2:24
bit cheesy but I genuinely just love my
2:26
job i love the business um I love the
2:28
brand i love what we stand for the
2:29
products that we produce um and our
2:31
teams in our shops are amazing so I've
2:34
just enjoyed every minute of my time and
2:36
as they say um time flies when you're
2:38
having fun and it certainly has in my
2:39
case yeah absolutely have you been able
2:41
to have fun even in the last few years
2:43
or so obviously coming out of the
2:45
pandemic cost of living crisis inflation
2:48
and and now we've got the uncertainty in
2:50
the global economy it's difficult to
2:51
have fun when it's challenging times i
2:53
think look um challenge is is is part of
2:56
leadership and I think you knowve I've
2:58
always found um that facing into some of
3:00
the challenges is is part of the job and
3:02
you have to you know see how you can
3:04
find the best ways through and work with
3:05
the team um so yes it's been um a
3:09
challenging few years you know it's no
3:10
secret that the global pandemic hit us
3:12
quite hard uh being very sort of city
3:15
centric and transport locations it was a
3:17
big impact to the business um but you
3:19
couldn't go around it you had to go
3:21
through it uh and so being part of you
3:23
know leading the business out of the
3:24
post-pandemic period uh you know has
3:26
been challenging but it has actually
3:27
been you know very rewarding as well i
3:29
think you know I feel very proud of the
3:31
shape that the business is in today and
3:32
the way that we've recovered after such
3:34
a you know near-death crisis really
3:36
you've been able to recover of course
3:38
and the country's reopened after
3:40
successive lockdowns as we know but then
3:42
it's been hit by loads of other
3:44
challenges we've got the cost of living
3:46
crisis we've got inflation we've got the
3:49
maybe the increased friction in global
3:52
trade that's going on at the moment how
3:54
is that impacting Pratt and what are you
3:56
doing to insulate yourselves from that
3:59
for PrET in in the UK and Ireland we you
4:01
know the majority of products that we
4:02
source are sourced locally so it's not a
4:04
it's not a major impact for us as it it
4:06
stands at the moment um and as with all
4:09
of the challenges I think we have to
4:10
just look at it in the round and try and
4:12
address those as as much as we can um
4:14
we're trying to put the customer at the
4:15
center of all of our decision-m you know
4:17
we win or lose by our customers uh
4:19
choice to shop with us or not um so we
4:21
just have to remain mindful of that and
4:23
take sort of measured decisions um
4:25
clearly there's inflation in the market
4:26
and from time to time you know we have
4:28
to pass some of that on but as far as
4:30
possible we try and find ways to
4:32
mitigate that and to change things
4:33
internally to to avoid that having to be
4:35
the case so um yes it's it's obviously
4:38
been a challenging environment but you
4:40
know pleased with the way that business
4:41
is coming through it yeah we've not just
4:43
got the tariffs of course in the US
4:44
we've got the increase in the minimum
4:46
wage we've got the increase in employees
4:48
national insurance contributions it is
4:50
is inevitable therefore that companies
4:52
like PrET has to pass on some of that
4:54
increased cost to the customer inflation
4:57
in every part of the market it sometimes
4:59
does become inevitable but you know our
5:01
as I said our sort of responsibility
5:03
first is to look at what we can do to
5:05
sort of offset that or mitigate it as we
5:07
can um and our teams have been working
5:08
really hard to do that you know the the
5:10
national minimum wage increase of course
5:12
has a significant impact on a business
5:13
that employs thousands of people um but
5:16
we want to make sure that you know we
5:17
find ways to to work around that as far
5:19
as possible and from time to time with
5:21
inflation in wages and ingredients does
5:23
that result in um some price increases
5:26
yes yes it does but you know our first
5:28
priority is to try and avoid that being
5:30
passed on directly to the customers how
5:32
do you do that how does what does that
5:34
look like in practice so we work really
5:36
hard with our suppliers to look at ways
5:38
that we can drive efficiencies into our
5:39
supply chain for example um really proud
5:41
to say we never do that by reducing
5:43
portion sizes or quality of ingredients
5:45
but we do look at ways to be more
5:47
efficient together um and we also sort
5:49
of take the advantage of the growth and
5:51
the new openings that we have to drive
5:52
those efficiencies in into the supply
5:53
chain as well and on all of our ways of
5:55
working across the business we've talked
5:57
you know over the last five years or so
5:58
it has been challenging um how has that
6:01
impacted your leadership have you
6:04
learned something new about yourself
6:05
that you didn't previously know i think
6:08
I probably learned that I was more
6:09
resilient than perhaps I I knew I was um
6:12
but I think what it sort of instills in
6:15
you is you know the passion that you
6:17
have for the business that you lead and
6:19
I think you know I I generally try and
6:21
lead with with great passion and and
6:23
energy and and I think that coupled with
6:26
um resilience has has stood me in in
6:28
goodstead um I think you know various
6:32
challenges have have come up along the
6:34
way and you take each one as it comes
6:35
and you sort of find a way to to lead
6:37
your team and and the business through
6:39
that but I think it's resilience
6:40
probably that I that I found a bit more
6:41
of than I perhaps knew I had and we're
6:44
recording this in the heart of the city
6:45
of London you can't throw a stone
6:47
without hitting three preps but um
6:49
you've obviously got hundreds of of
6:51
sites across the UK do you go and visit
6:55
those do you go up and down the country
6:56
in incognito maybe so it's quite hard to
6:59
go incognito um so you can often get
7:02
away with I find when I do shop tours
7:04
which I do every week um both with panel
7:06
CEO in London but also with members of
7:08
of my leadership team and the and the
7:10
operation leads I find that sometimes
7:12
you might get a couple of shops in
7:14
before you know word gets out that that
7:16
you're in the area um but I I also you
7:19
know I'm a I'm a prep customer in uh
7:21
weekends and holidays so sometimes if
7:23
you're sort of you know a bit less
7:24
expected you you can be incognito
7:26
actually one of the things I love about
7:28
shop visits is the opportunity to talk
7:29
to the teams to find out what's really
7:31
on their mind they are having you know
7:33
the direct relationship with the
7:34
customers um and they can tell us
7:36
exactly how you know customer sentiment
7:38
is and and how things are working for
7:40
them you know if we've launched new
7:42
products how they're going through the
7:43
kitchens what's selling what's not
7:44
selling so actually um I don't I I tend
7:47
to introduce myself and and take the
7:49
opportunity to spend some time with them
7:50
and to find out a little bit what's
7:52
going on from their perspective there is
7:54
no disguise no maybe that maybe that's
7:56
something yeah absolutely um I want to
7:59
talk about work life balance i suppose
8:01
Press is that classic company that would
8:03
be in favor of everybody returning to
8:04
the office no more hybrid working
8:06
because you get more people on the
8:07
streets and more people visiting your
8:10
stores um Press Head Office what's the
8:13
work life uh what's work life balance
8:16
like and return to work so we operate
8:18
hybrid working at our own office um and
8:20
I definitely don't think it's for us to
8:21
sort of set the policy on where people
8:23
should be working i think it's for us to
8:25
adapt our business to kind of suit the
8:27
needs of consumers and now we do you
8:29
know we are very much living in a world
8:30
where hybrid working exists and will
8:32
continue to do so so you know we have to
8:34
adjust the business around that that's
8:35
why you've seen us open more shops in um
8:38
you know maybe areas where people live
8:40
as much as areas that where people work
8:42
especially in London so sort of the the
8:44
outer areas of greater London we've seen
8:46
the greatest sort of level of openings
8:48
recently and that reflects that change i
8:50
think we believe that you know we're
8:52
relevant to people for their breakfast
8:54
and lunch whether they're working in the
8:55
office or whether they're working from
8:57
home so um we have a great work life
8:59
balance approach within within the
9:00
office of spread as I said we operate um
9:03
hybrid working um I have a young family
9:06
so you know that's something I manage
9:08
myself as well so yeah I think it's um
9:10
reflective of the world that we live in
9:11
today so more suburban openings then do
9:13
you see that in the next few years or so
9:15
so I think we'll continue to to grow
9:17
everywhere actually so there's still
9:19
plenty of opportunity believe it or not
9:20
despite the you can see three um you
9:23
know to continue opening in London we've
9:25
got loads of different formats now that
9:26
we operate anything sort of tiny little
9:29
kiosk to you know big shops with seating
9:31
areas so even in London I think there's
9:32
opportunity to continue to grow and
9:34
we've got some really interesting sites
9:35
that will come forward in the next year
9:37
but yes more growth than we would have
9:39
done historically in the suburban areas
9:41
um and those shops are performing really
9:42
well for us m we've talked uh about the
9:45
challenges facing prep but is there a
9:47
particular issue that keeps you awake at
9:51
um I can't say that there is actually
9:54
i'm I'm annoyingly a really great
9:57
sleeper so I think no I I couldn't think
10:00
of anything that's been giving me a
10:01
sleepless night yeah nice and relaxed
10:03
and chilled as well as far as possible
10:06
that's no bad thing um let's talk about
10:09
leadership yeah how do you describe your
10:11
leadership style so um I I love uh
10:15
working with people i'm a real people
10:16
person um and I love to build sort of
10:18
great strong relationships uh with my
10:21
team i think um you know it's always
10:23
important to me to set clear direction i
10:25
think that's super important in a
10:26
leadership role but once you've aligned
10:28
on that clear direction I tend to try
10:30
and give my team the sort of space that
10:31
they need um everybody that works for me
10:34
is an expert in their own right uh
10:35
they're better qualified than I am for
10:37
the function that that they lead so you
10:39
know my role is is to be there to you
10:41
know set the initial direction and then
10:42
sort of give them the the right level of
10:44
coaching of support that they need um
10:46
but actually I love to see people in in
10:48
the team flourish and to create the
10:49
environment for for them to do so does
10:51
leadership come naturally to you or is
10:53
it something that you've had to work on
10:55
so I would say it probably came more
10:58
naturally to me than sort of I imagined
11:00
as I went through um my career i you
11:03
sort of progress and you take on more
11:05
first I guess line management roles and
11:06
then slightly more leadership positions
11:08
um and it was just something that I
11:10
always really really enjoyed and really
11:11
enjoyed sort of building and developing
11:13
teams um so of course you always have to
11:16
you know keep learning and we don't
11:17
always get everything right so
11:18
occasionally you know something doesn't
11:20
quite go as you hope and you have a bit
11:21
of a leadership lesson yourself but I
11:23
think generally you know I I've lent
11:25
into it and and found the experience
11:26
really rewarding brilliant well CLA it's
11:28
time for those quick fire questions now
11:35
uh what was your first job so my first
11:38
job was on the tills in my local Marks
11:40
and Spencers in the food section which I
11:41
loved uh who inspires you i think during
11:44
my career I've had the opportunity to
11:46
work for a couple of real what I would
11:48
call kind of real retail gurus or or
11:50
food industry gurus so um first of all
11:52
when I was at Tesco uh it was under um
11:55
Terry Leeh Terry Lehy's CEOship so that
11:58
was you know an incredible um leadership
12:00
to to witness i think he was you know a
12:03
fantastic part of the Tesco journey uh
12:05
but also very early on um I worked for a
12:07
lady called Judith Bachelor who was um
12:10
heading up food teams in in both Mars
12:12
and Spencers and and then Safeway and I
12:14
found her absolute passion for product
12:16
and customer and raising the bar in
12:19
terms of you know product and and offer
12:21
you know super inspirational and I can
12:23
remember being a sort of graduate in my
12:25
early 20s you looking to her thinking
12:26
"Wow this is you know this is the sort
12:28
of role this is the sort of person that
12:30
that I would aspire to be in the
12:31
future." If you had to appoint a
12:33
celebrity to your board who would it be
12:35
and why so actually it would be um
12:39
Timothy Shal Shalamรฉ shalom yeah so um
12:43
he recently gave an interview uh at a
12:46
the premiere of for his film A Complete
12:48
Unknown and they asked him "Where would
12:50
you take Bob Dylan on a date if he could
12:52
do so?" And he answered "Pretto," which
12:55
was amazing so um I guess he knows us
12:57
i'm assuming he's he's maybe had a few
12:59
dates i don't know if he's taken Kylie
13:01
to to Pretto but I imagine he knows it
13:03
and I think to bring somebody in for us
13:05
that you know is is you know is a
13:08
generation below me um has got some
13:10
views on you know what how to engage
13:12
with you know maybe younger customers
13:13
and emerging customers um we're
13:15
certainly seeing that coming through the
13:16
business so I think our fastest growing
13:18
segment of customers at the moment is 18
13:20
to 34 um so I think it'd be good to have
13:22
someone like Timothy who kind of appeals
13:24
to those consumers but but is one of
13:26
them in his own right as well get him on
13:27
the phone ex I'm sure he'd be delighted
13:29
to Yeah uh what's the best thing about
13:31
your job um we've touched on it it's
13:34
being in shops actually I love being in
13:36
shops um when I was younger and I was
13:38
thinking about my career I knew I wanted
13:40
to do something that I could see the
13:41
results of my work you know that you
13:43
could sort of see feel touch um so being
13:46
in shops you know meeting the teams
13:48
seeing the impact of initiatives that we
13:50
launched last year we did some real work
13:52
around kind of service standards so
13:53
being in shops and seeing the team
13:56
engage with that and and drive it
13:57
forward or seeing a new product on the
13:59
shelf i I love it and if you weren't
14:00
doing this what would you be doing so my
14:04
sort of plan B was to be a lawyer which
14:06
I'm not sure if I'd have been terribly
14:08
good at and I probably wouldn't have had
14:10
the patience for all the study for but
14:12
yeah I think I probably would have gone
14:13
down that route okay very different and
14:15
finally if you were prime minister for
14:16
the day what would you do um so I think
14:18
the first thing you have to do would
14:20
you'd have to sort of nail the Hugh
14:22
Grant dance up the stairs so get that
14:23
out the way first and then I think look
14:26
I'm really passionate about the UK food
14:28
industry and I think it's probably you
14:30
know a bit underplayed and I think we
14:32
could give it maybe a bit more support
14:33
and focus so my own um degree was in was
14:37
in food technology fewer people are
14:38
going into you know food studies as as a
14:41
career i think it has give it gives
14:43
people amazing careers um from sort of
14:46
manufacturing all the way through to
14:47
retail so I'd like to get together a
14:49
kind of group of the the brightest and
14:51
best from the industry and think about
14:53
how we can really give it the place that
14:54
it sort of deserves in in the UK we're a
14:57
few months in now almost a year of uh
15:00
having the Labor government um what are
15:02
your views on on the government's growth
15:04
agenda do you think that we're on the
15:06
right path um or do you think there
15:08
something else that they should be doing
15:09
i think uh having a growth agenda is is
15:11
the right thing i think growth of course
15:13
is is good um difficult for me to say
15:16
you know that I I would perhaps have
15:19
agreed with every single decision that's
15:21
been taken um but that's theirs their
15:23
decision not ours i think it's for us to
15:25
sort of work out how we run our own
15:27
business and within the sort of
15:29
environment that's been created and make
15:31
sure that you know we're also driving
15:32
growth because that I think you know
15:33
growth is good growth gives
15:35
opportunities and and benefits to
15:36
everyone so focused on we've had a
15:38
growth agenda in in prep for a few years
15:40
postco that's been very much on our mind
15:42
so that feels you know aligned to what
15:44
we hope for for for the country so on
15:45
that basis yeah I think it's it's good
15:47
to have one is there something that you
15:50
want the government to be doing that
15:52
would help Pratt that they're not
15:54
currently doing i think important to
15:56
sort of keep putting the needs of of
15:58
British business at at the heart of
16:00
their decisions i think you know it's
16:02
been um some of the impacts that we've
16:04
already covered have have been
16:05
challenging so I would hope that you
16:07
know that balances out a little bit
16:09
going forward um but look I remain
16:12
focused on you know what do I need to be
16:14
doing and you know things will come up
16:16
on a as we've discovered with some of
16:18
the the um you know tariff conversations
16:20
in the last couple of days and we have
16:22
to navigate our way through them
16:23
whatever those those challenges are yeah
16:25
looking at the UK high street as a whole
16:27
obviously prep is such a cornerstone of
16:30
any high street basically in any town
16:32
and city up and down the UK but what's
16:35
your assessment of the health of the UK
16:37
high streets in 2025 so I I think the UK
16:41
high streets um you know is in is in
16:43
good health it's in great shape we have
16:45
uh from from our sector we have um you
16:48
know competition is good and we have
16:49
some really good competition around us
16:51
we have some emerging competition that I
16:53
think is showing lots of
16:54
entrepreneurship and and lots of new
16:56
companies coming uh onto the high street
16:58
but we also have some maybe more
17:00
traditional competitors many of whom are
17:02
sort of really performing well and and
17:04
you know upping their game and and and
17:05
that's great so um you know I think
17:08
that's a really good thing it's healthy
17:10
competition i think it's good for
17:11
consumers i think that will then help to
17:13
to drive um the growth agenda as well
17:15
how do you make a company like Pratt
17:17
stand out because you as you say you've
17:19
got startups you've got new companies
17:20
you got new competition coming into the
17:22
market all the time and it's a new brand
17:23
new shiny thing that people will be
17:25
attracted to but how do you make them
17:27
come back to prep and keep your market
17:31
leading position yeah so I think it's
17:33
about a differentiated experience you
17:35
know in amongst all of the sort of
17:36
competition and the noise i think it's
17:38
about creating something that is um
17:40
valuable and memorable to the customers
17:42
so that's uh a combination in in my mind
17:44
of you know the shops that we build the
17:46
environments that that we create but
17:48
more importantly um the products that we
17:50
offer and the service of the team
17:51
members that that serve our customers
17:54
when I meet um loyal uh or regular prep
17:57
customers most of them will tell me um
17:59
either about their favorite prep product
18:01
or their regular prep order um or
18:03
they'll tell me about their favorite
18:04
team member and I think that's amazing
18:05
because I think for you know there's not
18:07
a lot of retail businesses that I think
18:09
would have that level of connectivity
18:10
with a customer where they would say
18:12
"Look I really love you know this
18:13
individual at this shop they serve me
18:15
every day they're fantastic." or you
18:17
know I come to you because of this
18:18
product or so I think that you know to
18:21
keep maintaining that level of sort of
18:22
differentiation and experience for the
18:24
customer is is really important and
18:25
obviously the vast majority of people
18:27
coming into to press is a customer that
18:29
you'd actually expect but violence in
18:32
shops towards shop workers has been a
18:35
hot topic over the last few years or so
18:37
um I know that you introduced body worn
18:39
cameras last year talk to me about why
18:43
that decision was made and the impact
18:45
that that's had so But we introduced
18:46
that in a um a small number of our shops
18:49
who unfortunately had had a sort of a
18:50
higher number of incidents of um you
18:53
know um unpleasant behavior towards our
18:55
customers and really it's just part of
18:57
us putting our teams at the heart of
18:59
everything we do and making sure that we
19:00
can you know give them the support that
19:02
they need um our team members who have
19:04
been you know part of that roll out have
19:06
said that it makes them feel you know
19:08
more confident to to have the equipment
19:10
should they need it hopefully they don't
19:12
need to use it um but making sure that
19:15
they have those tools where we need it
19:16
at some of our sites you know in in
19:18
locations like stations we operate on an
19:20
almost 24-hour basis so therefore it's
19:22
about making sure that our team sort of
19:24
feel supported and and protected um
19:27
wherever there may be any risk it's a
19:28
real shame that that's it's come to that
19:30
though isn't it it it is i think you
19:32
know I'm not saying you know it's it's
19:35
been a huge issue in terms of incidents
19:37
i think we just know it exists and we
19:39
know that there have been some shops
19:40
that where it could be you know maybe
19:42
more more likely than than in others so
19:44
it hasn't been rolled off across all of
19:46
the estate it's just been put into the
19:47
the locations that you know may may have
19:50
a risk of of that type of incident and
19:52
has had a positive impact as have those
19:54
incidents gone down so I think more than
19:56
anything the team member feedback has
19:58
has been positive so it was it was as as
20:01
much preventative as as as anything else
20:03
in terms of just making sure the team
20:05
members knew that we we knew this was an
20:07
issue in retail and in you know society
20:10
and therefore we were able to provide
20:11
them with the sort of tools that that
20:13
they might need it's it's one of those
20:14
things isn't it it's you know co-op in
20:17
particular they talk about violence in
20:19
shops and you get CTV that's that's
20:22
released to the press and you get
20:23
campaigns and things like it's sort of
20:25
this perennial topic especially maybe
20:27
since co with cost of living crisis is
20:30
going up and and and people are
20:33
just increasingly desperate I think and
20:35
going into those shops and I those
20:37
workers are in a vulnerable position you
20:40
know if you come into an office by like
20:41
this one we're sitting around now you
20:42
got to get through layers of security in
20:44
order to get to where we are but with
20:46
your shops anybody can just walk in how
20:49
does a company like Pratt how does your
20:50
company make the shop workers feel
20:54
comfortable because it could happen
20:55
anywhere even shops that have had no
20:58
issues at all sure look we we're um you
21:02
know in really good contact with all of
21:03
our our shops and our ops managers and
21:05
so we've there's there is an immediate
21:08
support network and we would we have you
21:10
know the ability for our team members or
21:11
our managers to reach out for support
21:13
and and we will be there as soon as we
21:14
can to provide support you can't um you
21:17
know we won't be able to make ourselves
21:19
unique as you talk about it's a it's a
21:20
wider issue very thankfully we don't
21:23
seem to be you know one of the I guess
21:26
the the biggest victims of it i don't
21:28
know if that's reflective of you know
21:30
the products or or or you know that we
21:32
sell or we offer but where we um you
21:34
know where where our teams need us we'll
21:36
always be there for for them on on on
21:38
any uh aspect including you know
21:40
difficult customers or or or any
21:42
aggression we've talked a lot about
21:43
challenges is difficult economic
21:45
environment for pretty much every
21:47
business in the UK right now but is
21:49
there one in particular that you think
21:50
is going to be um of a particular
21:53
challenge to prep over the next few
21:55
years or so what's the top of your inbox
21:59
i think um you know you would as you
22:03
would expect me to say wage and and
22:04
ingredient inflation is very real for us
22:06
so I think that you know as we've
22:08
discussed earlier um we have to deal
22:10
with that head on and we have to work
22:11
out what how we manage that ourselves
22:13
and and what it means for us so that we
22:15
can again continue to uh create the best
22:18
offer for customers and you know we need
22:20
to find a way to address that ongoing so
22:22
I think you know that is a very very
22:24
real industry industry issue for us in
22:27
food retail at the moment and and you
22:28
know that will probably continue to be
22:30
so it's difficult isn't it because the
22:32
rise in the minimum wage obviously
22:34
affects every every company in the
22:38
but the other side of that is is people
22:41
you know businesses don't like an
22:42
increase in cost but everybody wants to
22:45
pay their employees as much as possible
22:47
you got to find that balancing act and
22:48
is that quite difficult talking to our
22:50
employees and say well actually you know
22:52
it's quite difficult for us to find that
22:53
margin and that balancing act i I think
22:56
we've always pr prided ourselves on
22:58
paying our team members well and you
22:59
know we have um our mystery shopper
23:01
bonus which we have to offer all of our
23:03
shops so every shop every week receives
23:05
a visit from a mystery shopper and they
23:07
get a get a score um and if the um shop
23:11
passes their mystery shopper every week
23:13
every team member gets a 1 125 bonus for
23:15
every hour that they've worked so that's
23:16
you know on top of um you know the
23:18
current national limit wage that's an
23:20
10% increase so that's so our staff know
23:22
that you know we always want to make
23:24
sure that we're sort of paying and and
23:25
and leading on that basis um and that's
23:28
something that we've always stuck to and
23:29
it will always be part of our DNA we
23:31
said um before you know we win or lose
23:33
in our shops with our customers and it
23:35
is our our teams in our shops who have
23:37
that frontline relationship with our
23:39
team with our customers and therefore
23:41
keeping them really engaged and uh
23:43
motivated is is kind of utmost most
23:46
important it's priority number one
23:47
really are you optimistic about the UK
23:50
economy do you think that the businesses
23:52
are going to be hit by further tax hikes
23:55
um I am optimist i I'm a self-declared
23:57
slightly natural optimist so um maybe
24:00
take that into account but yeah I'm
24:02
optimistic about um you know the UK
24:04
business in the UK and especially prep i
24:06
think you know we've we've as we've
24:08
touched on it was a difficult few years
24:09
post pandemic we had a lot of resetting
24:11
to do and we had a lot of kind of um you
24:13
slowed down growth when we were in that
24:15
period um but things are you know for us
24:17
are looking great we're starting to grow
24:19
at pace again um and it's great to be
24:21
opening new shops developing new
24:23
products and categories for customers um
24:25
so yeah I'm I'm I'm optimistic come the
24:28
autumn Ra Reeves budgets um have you
24:32
forecast have you paid have you sort of
24:34
thought well she might increase taxes
24:36
again is that part of your your forward
24:38
thinking plans no my plans are entirely
24:40
focused on what we can do as prep and
24:42
how we can kind of drive our our own
24:44
business forward so that's that's the
24:45
position I've taken on that one yeah
24:49
dodged um talk to me about your career
24:52
then um do you had a lot of success you
24:56
you've got to have done so to have got
24:58
to the position that you're in right now
25:00
uh is there one particular success story
25:03
that sticks out to you that you're
25:04
particularly proud of so PRE would be my
25:07
success story you know I I joined Pratt
25:09
as we said 15 years ago um it's given me
25:12
an incredible career in a sector that I
25:14
love um and you know to have been part
25:17
of the the growth of the brand over that
25:18
time has has been you know a huge
25:20
privilege to become um the UK managing
25:23
director in 2019 was probably the
25:26
proudest day of my career um you know to
25:29
have the opportunity to lead the
25:30
business that you feel so passionately
25:32
about in you know the biggest market in
25:34
the homeland um you know is is an
25:36
amazing thing and I'm you know
25:37
incredibly proud of that as I said when
25:38
I started out I knew I had a passion for
25:40
food and retail but I didn't know where
25:42
that would take me um so yeah it's been
25:44
it's it's been a fantastically rewarding
25:46
career so far so far uh the other side
25:50
of that coin of course
25:51
is aspects of your career that maybe you
25:54
look back on and maybe that you regret
25:56
or you think that you could have done
25:58
better at if you had another chance is
26:00
there something that sticks out there
26:02
that that you particularly learned from
26:04
i wouldn't say there's anything that I
26:06
sort of regret or or wish I'd do
26:08
different i think where I learned the
26:10
most was during the pandemic i think
26:12
that was obviously a huge change moment
26:15
and it it you know affected our business
26:17
significantly and I think you know you
26:19
have to you learn a lot in in a crisis
26:22
moment and that was you know I think for
26:24
for many businesses it was a it was a
26:26
crisis moment and I think that's where
26:28
you find some of the the deepest
26:30
learning so do I wish that I hadn't had
26:32
that come up within six months of being
26:34
promoted to managing director i do but
26:37
it you know it happened and we got
26:38
through it and we learned a lot and we
26:40
were able to sort of get the business
26:41
back on really strong footing and and
26:43
now kind of go again because you can't
26:45
make the right decision every single
26:46
time can you it's un you'd be quite
26:49
unusual if you were able to is that
26:51
difficult to deal with sometimes that
26:53
you know you're making a decision it's a
26:55
you know using all the information that
26:57
you've got but it could well be the
26:59
wrong one and it has consequences
27:01
potentially for people's for people's
27:03
jobs is that is that a difficult burden
27:05
to sometimes shoulder i think that's
27:08
part of the burden of leadership is that
27:10
you you have to sometimes make the
27:12
decisions and there doesn't always seem
27:13
to be you know the obvious or easy
27:15
answer that you have but I try and take
27:18
all of those decisions really with the
27:20
interests of people and the people in
27:22
our business you know as priority number
27:23
one as we said um I you know take all
27:28
the information that you have you've
27:29
only got the information that you have
27:30
to hand and you make the decision best
27:32
decision that you can in that moment i
27:34
think the key is then being able to you
27:36
know continue to adapt and and react if
27:38
if things don't go quite as you may have
27:40
hoped yeah we can't we've got to end the
27:44
uh interview with talking about the
27:47
famous coffee subscription um policy
27:50
that you guys have got every time the
27:52
policy changes and the price changes
27:54
it's front page news almost and it's a
27:56
bell weather for the economy um talk to
27:59
me about the policy talk to me about the
28:00
subscription is it still um alive and
28:02
well and and doing well for prep yes it
28:05
is uh club prep is still alive and well
28:07
so uh first launched in uh September
28:10
2020 very much uh part of our kind of
28:13
pandemic um recovery this the start of
28:15
it i think that was a moment where we
28:17
needed to uh work out how we could get
28:20
more people into into our shops more
28:22
often and it was a great vehicle to do
28:23
that um it's been a you know very
28:26
successful part of the business it has
28:28
gone through uh a few different versions
28:30
again as we worked out what kind of made
28:31
it most appealing to customers and and
28:33
give gave most value to customers really
28:35
uh and so the the change to the
28:37
subscription that we made uh in the
28:39
autumn of last year was settling on that
28:41
to make sure that we we felt we
28:43
delivered and we know we deliver the
28:44
best value coffee proposition for
28:46
customers on the high street um and and
28:49
you know really delighted that the vast
28:51
majority of our subscribers you know
28:53
stayed with us on the program and and
28:55
are still enjoying Great Value coffee
28:56
across all of our shops any changes to
28:58
the policy price-wise no the policy is
29:02
ยฃ5 a month so uh that's great value ยฃ5 a
29:05
month 50% off all your Bris and prepared
29:07
drinks so that's that's uh that's locked
29:10
in that's locked in guarantee you got
29:12
we're going to lock you in there are
29:13
very there are very few guarantees in
29:15
life i can say I can say I have no plans
29:18
to to make any changes to to that offer
29:20
as it stands brilliant cla thank you so
29:22
much for coming thanks very much