Investors have granted UK private equity firm Bridgepoint an extra 12 months to spend money from its fourth fund after the firm asked for permission last month, according to two people familiar with the matter.

The decision to ask for an extension was taken after Bridgepoint-- the owner of sandwich chain Pret A Manger - took longer than expected to spend the €4.8 billion it raised in 2008. The investment period to spend money from Bridgepoint Europe IV was set to expire in November.