KPMG has resigned amid rumours that Pret is set for an IPO on the New York Stock Exchange.
According to a report in the Sunday Telegraph, the Big Four firm had to step down because it also does non-audit work for Pret. This would fall foul of strict Security & Exchange Commission (SEC) rules, which forbid auditors from carrying out additional services for listed companies.
A KPMG spokesman said, “Our relationship with Pret remains strong and we have been delighted to provide audit services to the company for more than a decade. We will work closely with Pret to support the transition of the audit to EY.” EY said it wasn’t willing to comment on the decision.
Private equity firm Bridgepoint Advisers – which owns Pret – instructed several banks to advise on a possible IPO later in 2017, it was reported in May.