TThe Diary of a CEO
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29 August 2022

Pret & Itsu Founder: How I Built TWO Billion Dollar Brands At The Same Time!: Julian Metcalfe

6Frameworks
12Insights

Frameworks in this episode

Insights & moments

The myth-busts, hot takes, explainers, and tools worth keeping.

Explainer· 1

Explainer58:00

Metcalfe Reflects on the Allergy Tragedy Behind Natasha's Law

The host and Metcalfe discuss the death of a teenager after she ate a Pret baguette containing sesame; Metcalfe says he had already left the company when it happened. He describes the event as tragic and says it was painful for the family and Pret's team. He also says the case led to stronger food-labelling rules known as Natasha's Law; the segment does not establish detailed medical causation beyond their account.

  • Metcalfe says he was no longer at Pret when the incident occurred
  • The discussion describes a teenager with serious food allergies eating a baguette containing sesame
  • Metcalfe focuses on the harm to the teenager, her family, and those involved
  • He says the case prompted stronger UK food-labelling requirements
  • The transcript does not provide clinical evidence or a complete legal account

it's called natasha's law

Julian Metcalfe · 59:00

it was terribly hard for the the senior team

Julian Metcalfe · 1:01:00
#food-allergies#labelling#natashas-law#safety

Story· 6

Story01:30

How Childhood Loss Shaped Metcalfe's Distrust of Authority

Metcalfe describes losing his mother to suicide at age seven, living with a distant father, and attending schools he experienced as badly run and harmful. He cautiously says those experiences added complexity to his character and may have influenced his work, relationships, and decision to forge an independent path. He explicitly rejects the idea that severe hardship is required for extraordinary work.

  • Metcalfe says his mother's death created loneliness during childhood
  • He describes his father as distant and his schooling as deeply damaging
  • He links those experiences cautiously to distrust of authority and independence
  • He does not claim trauma is necessary for achievement
  • He says the influence of the childhood loss has waned over time

that created a loneliness

Julian Metcalfe · 02:00

it's not an essential part of being able to get on and do extraordinary work

Julian Metcalfe · 05:30
#childhood#grief#authority#independence
Story17:30

Metcalfe on Learning Affection and Belonging Later in Life

Metcalfe says low self-esteem and a sense of being unlovable persisted through parts of his teens and twenties. He credits close friends, family relationships, and the early Pret community with helping him understand affection, love, and trust later than he believes many people do. This is his personal reflection, not a clinical explanation of how childhood experiences affect everyone.

  • Metcalfe says he struggled with self-esteem for years
  • He describes feeling unlovable rather than diagnosing a condition
  • Close relationships helped him learn affection later in life
  • He remembers early Pret as an unusually close extended family
  • Two of his children working with him is especially meaningful to him

i'm sure i felt completely unlovable for decades probably

Julian Metcalfe · 18:30

what you give you get back

Julian Metcalfe · 19:30
#affection#self-worth#belonging#relationships
Story34:30

The Frontline Promotion Metcalfe Says Transformed a Pret Store

Metcalfe recalls a Pret store with a poor atmosphere after he had hired a conventionally polished manager through a recruitment company. A young employee told him she planned to leave because of the manager's behaviour, so Pret removed the manager and promoted her. Metcalfe says the store's sales later doubled or tripled, which is his recollection rather than independently verified causal evidence.

  • A recruited manager coincided with a workplace atmosphere Metcalfe considered poor
  • A frontline employee told Metcalfe she planned to leave
  • Pret removed the manager and promoted the employee
  • Metcalfe says she became a strong manager
  • He attributes the later improvement to trust, care, pride, and clear goals

we fired the dick and we promoted her to a manager

Julian Metcalfe · 35:30

there was trust there was care there was pride

Julian Metcalfe · 36:30
#promotion#frontline-leadership#culture#trust
Story50:00

How Changing Ownership Altered Metcalfe's Relationship With Pret

Metcalfe recounts giving half of the young company to a more disciplined co-founder whose numerical and legal strengths complemented his own vision. When the co-founder later retired and sold part of his stake, new owners and more formal governance entered the business. Metcalfe says Pret became more focused on being a successful business and less centred on what he viewed as beautiful customer and staff relationships, though he also describes the private-equity owners as honourable.

  • Metcalfe recruited a co-founder with complementary discipline and numerical skill
  • He offered half the company to secure that commitment
  • The co-founder's later retirement changed the ownership structure
  • Metcalfe says formalisation reduced some of the company's joy
  • He distinguishes product and relationship goals from sales goals

if you leave your job i'll give you half this company

Julian Metcalfe · 51:00

some of the joy went out of it

Julian Metcalfe · 53:00
#ownership#cofounders#private-equity#company-culture
Story56:00

Itsu Began When Metcalfe's Casual Offer Became a Commitment

Metcalfe says he encouraged a Japanese Centre marketing employee to leave and open an affordable Japanese restaurant, promising to fund and help her. She resigned two weeks later, turning the suggestion into a responsibility he had not expected. The first restaurant became the starting point for dozens of Itsu locations and a later effort to reinvent the menu around affordable, nutritious food.

  • Metcalfe saw Japanese restaurants at the time as expensive and inaccessible
  • He promised to support a restaurant if the employee left her job
  • Her resignation made the commitment real within two weeks
  • The first restaurant differed substantially from the later Itsu model
  • Metcalfe says the company has repeatedly reinvented itself

i'll leave my job if you help if you pay for it

Julian Metcalfe · 56:30

i suddenly found myself with this responsibility to open a restaurant

Julian Metcalfe · 57:00
#itsu#founding-story#restaurants#reinvention
Story1:02:00

Metcalfe Learned at 45 That He Had a 19-Year-Old Daughter

Metcalfe says a former partner contacted him and told him that her 19-year-old daughter, Celeste, was his. He drove to Bristol to meet her and felt an immediate responsibility to build a relationship and address what he regarded as an injustice in her life. He says Celeste later became close to his other children, joined Itsu, led marketing, and served on its board.

  • Metcalfe says he had no prior knowledge that Celeste was his daughter
  • Her mother told Celeste shortly before telling him
  • He travelled to Bristol University to meet her
  • He describes his sons' acceptance of her as remarkable
  • Celeste later held senior brand and board responsibilities at Itsu

i had absolutely no idea that her daughter was my daughter

Julian Metcalfe · 1:03:00

a deep overwhelming desire to get in there

Julian Metcalfe · 1:04:00
#family#fatherhood#reconnection#itsu

Q&A· 1

Q&A1:07:00

What Metcalfe Says He Fears About Health and Death

Asked what scares him, Metcalfe initially names death and describes himself as a hypochondriac. He worries about not paying enough attention to health and about how suddenly it can move beyond personal control. He also jokes that many of the illnesses he reports to his family have proved false, and later says he does not dwell on death or believe he fears much; these are personal statements, not medical claims or diagnoses.

  • Metcalfe initially identifies death as a fear
  • He describes himself, informally, as a hypochondriac
  • He worries about neglecting health until it becomes serious
  • He says his family has heard many false alarms
  • His answer shifts from fear toward hope and belief in the future

i'm quite a hypochondriac

Julian Metcalfe · 1:07:00

there's no time to fear it's all time to hope

Julian Metcalfe · 1:08:30
#health-anxiety#death#fear#hope

Takeaway· 4

Takeaway27:30

The Motives Metcalfe Says Mattered More Than Money

Metcalfe says wealth was not his central motivation, partly because he had seen people with money remain deeply unhappy. He identifies a mixed set of drivers: making a difference, feeling relevant and admired, creating important relationships, helping colleagues flourish, and pursuing the creative possibilities of food and design. His answer resists reducing entrepreneurship to either pure altruism or financial gain.

  • Metcalfe says money was not the main force behind his work
  • He wanted to make a difference and be regarded as relevant
  • Helping people around him flourish mattered to him
  • He describes the creative process of food and design as a deep source of motivation
  • He acknowledges both outward purpose and personal validation

i wanted to make a difference i wanted to be relevant i wanted to be admired

Julian Metcalfe · 28:30

i wanted to see people flourish around me

Julian Metcalfe · 28:30
#motivation#purpose#creativity#entrepreneurship
Takeaway41:30

Why Metcalfe Put Customer Respect Ahead of Short-Term Margin

Metcalfe argues that customer loyalty begins with offering something worthy of the customer's money. He describes Pret's insistence on fresh food and says the company transported unsold products to people experiencing homelessness even when it was not profitable. He treats product quality, waste, service, and customer response as connected responsibilities, while acknowledging that financial discipline remains necessary for growth.

  • Metcalfe puts relationships with customers, staff, and product ahead of accounting interest
  • He says Pret would not carry fresh sandwiches into the next day
  • Unsold food was transported for donation rather than simply discarded
  • He argues that poor service breaks customer trust
  • He also recognises that reliable numbers are required to grow

you've got to sell them something worthy of their hard-earned money

Julian Metcalfe · 42:00

even when we were making no profits we had a van to take it to the homeless

Julian Metcalfe · 43:30
#customer-respect#freshness#food-waste#service
Takeaway1:08:30

Why Metcalfe Describes Himself as ‘Not Unhappy’

Metcalfe resists constructing a recipe for greater happiness because he sees himself as materially secure and fortunate. Rather than making a sweeping claim to happiness, he says he is not unhappy and values beginning and ending his day around people he loves, admires, and trusts. He also stresses that those circumstances did not arise by accident, but through work and changing what evidence showed was not working.

  • Metcalfe says he has food, warmth, love, and material security
  • He considers further optimisation of his own happiness an odd priority
  • He distinguishes being happy from being not unhappy
  • Trusted relationships at home and work are central to his answer
  • He credits deliberate action as well as good fortune

i'm very very privileged and i'm very lucky to be not unhappy

Julian Metcalfe · 1:09:00

i leave home surrounded by people who i love admire and trust

Julian Metcalfe · 1:09:30
#happiness#gratitude#trust#relationships
Takeaway1:12:30

Metcalfe Acknowledges the Relationship Cost of Creative Intensity

When asked about inadequacy, Metcalfe declines to choose a cosmetic flaw and instead says his way of creating and working carries a cost. He believes he does not spend enough time nurturing and supporting the people he loves most. He says he accepts the trade-off without claiming to regret his work, and hopes his family understands that their support helped make it possible.

  • Metcalfe says everyone should recognise and accept their inadequacies
  • He identifies relationship attention as a cost of his working style
  • He does not claim that his family has explicitly criticised him for it
  • His judgement is based on his own awareness
  • He sees his family and team as contributors to what he has built

to create the way i do to work the way i do comes at a cost

Julian Metcalfe · 1:14:00

i don't spend enough time nurturing loving and being supportive to the people i love most

Julian Metcalfe · 1:14:00
#relationships#work-life#self-awareness#family