Ed's Easy Diner restaurant chain acquired by 2 Sisters Food Group entrepreneur

Fri, 14 Oct 2016 | ADMINISTRATION

Ed’s Easy Diner has been bought out of administration by the owner of Bernard Matthews. Ranjit Boparan, who owns the 2 Sisters Food Group, acquired the diner chain for around £7.5 million through his Giraffe chain of restaurants.

The deal means that 33 of Ed’s Diners will continue to trade under the brand, resulting in 700 jobs being saved. However, 26 restaurants will close with the loss of 379 jobs.

Mr Boparan, a food entrepreneur, has had a busy few months after acquiring turkey producer Bernard Matthews in a pre-pack deal and taking the group’s assets without taking on any liabilities.

Ed’s Diner started out in Soho in 1987 and has jumped from three restaurants to 59 since 2010. However, due to weak trading, it was put up for sale earlier this year. When the company went up for auction last year, it was expected to fetch more than £100 million but failed to sell. Analysts still expected the chain to sell for approximately £20 million, so the acquisition cost of £7.5 million is significantly less than predicted.

Administrators at KPMG said they would seek to protect the interests of those employees that had been made redundant, stating that while they were “pleased,” their priority is to “liaise with those employees who have been affected by redundancy and ensure that in addition to receiving all back pay owed”.

Giraffe’s managing director Tom Crowley said in a statement: “Ed’s Easy Diner has been an integral part of the UK casual dining scene for the past four decades and we are very excited about the business joining the group and the opportunities ahead.”

Find a restaurant business for sale


Share this article



Latest Businesses for Sale

Recruitment Agency (Fast Sale)
North West, UK

Indicative offers are required by 12:00hours on Monday 20 January 2020 with a view to completion shortly thereafter. The proposed Joint Administrators are seeking parties interested in the business and assets of a Company that trades as a recruitment...

Asking Price: Offers Invited
Turnover: £2,400,000

LEASEHOLD


Commercial Contractor (Fast Sale)
Midlands, UK Wide

Offers and proof of funding sought by 17:00hours on Friday 24 January 2020. The Joint Administrators are seeking parties interested in the business and assets of a commercial contractor business based in the Midlands.

Asking Price: Offers Invited
Turnover: £3,400,000

Hospitality Industry Recruitment Specialist
UK Wide

Provides highly skilled and professional hospitality staff across a variety of sectors. Recognised as both a preferred and top tier supplier for several of its prestigious clients. Supplying both temporary and permanent Nationwide staffing solutions....

Asking Price: Offers Invited
Turnover: £3,500,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
17
 
Jan
 

Sample book and shade card manufacturer acquired from administration | BUSINESS SALE

The business and assets of Yorkshire-based display products ...

 
16
 
Jan
 

Northgate and Redde shareholders approve merger | MERGER

The proposed merger of listed companies Northgate and Redde ...

 
15
 
Jan
 

SSE sells retail business to OVO Energy | DIVISION SALE

Power utility SSE has announced it has completed the sale of...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
11
 
Jun
 

Tesco offloads Giraffe restaurant chain to Boparan | DIVISION SALE

Supermarket giant Tesco has found a buyer for its distressed...

 
01
 
Apr
 

Tesco looks to sell off Giraffe restaurants | DIVISION SALE

Tesco is looking to sell off its loss-making Giraffe restaur...

 
15
 
Apr
 

3Sixty Restaurants gears up for a sale | BUSINESS SALE

Luke Johnson is readying to put 3Sixty Restaurants on the ma...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources