Sandwiches

I see Pret a Manger - the up-market sandwich shop favoured by young bankers, hedge fund analysts and lawyers - has been basking in the glory of another set of strong results, with a significant amount of press coverage today. Here a few links:

http://www.ft.com/cms/s/0/1f48d7a6-0613-11e6-9b51-0fb5e65703ce.html#axzz46NTfCqyl

http://www.theguardian.com/business/2016/apr/19/pret-a-manger-sales-rise-as-vegetarian-range-
pleases-foodies

Quelle surprise: Bridgepoint sells former Government Chemist LGC

I'm glad to see Bridgepoint, the UK-based private equity firm, has finally confirmed it's sold LGC to US buy-out giant KKR.

Now, I'm not necessarily pleased for Bridgepoint, who I'm sure has made a ton of cash from its investment in LGC (from what I recall LGC was privatised for £3 million but the private equity firm was expected to sell it for between £700 million and £900 million). It's just good to see one of my stories - that was denied to me at the time of publication by the parties involved - has finally been confirmed.

Permira, Bridgepoint said to weigh £500 million bids for Big Bus Tours

Wow - the UK M&A market has suddenly roared back into life. And to think last Thursday I was on Tip TV noting how quiet it was in the British dealmaking scene for this time of year.

A few days later it emerged insurance giant Aviva is in advanced talks to buy Friends Life for over £5 billion (multiple hat tips to Kleinman of Sky News, Neil Hume at the Financial Times and Geoff Foster over at the Daily Mail for smoking out this deal). BT, meanwhile, announced this morning that it is looking at purchasing either O2 or EE. I guess that will probably be the last time I ever say it is "quiet" in UK M&A (yes, I realise I have used this joke twice in the last fortnight).