Eat sandwich chain considers a partial sale

London sandwich chain Eat is exploring a sale of a portion of its business after having been approached by several third parties.

The potential suitors for the chain, which has expanded to over 100 outlets, reportedly include several supermarket groups.

Eat had previously attempted to sell itself after Pret a Manger was sold to Bridgepoint for £350m two years ago. The group brought in PwC to explore a potential sale for between £120m and £150m.

Eat subsequently withdrew itself from the market when the credit crunch hit in the summer of 2008.

Former hedge fund manager Niall MacArthur and his wife Faith opened the first shop on Villiers Street, London WC2 in October 1996.

The business makes its food by hand from its own kitchens. The product range includes sandwiches, soups, sushi, salads, desserts, breakfasts and coffees.

Though mainly London-based, Eat also has a presence in Birmingham, Manchester, and at regional airports.

For the year to June 27 2009, the group's revenues increased by 11% to over £75.5m, attributable mainly to new store openings.

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