Sun, 10 Oct 2010 | BUSINESS SALE
The upmarket sandwich bar chain EAT has again been put on the market.
According to reports, financial particulars have been circulated by the firm’s advisers, PricewaterhouseCoopers, to potentially interested parties, including several private equity houses.
The chain has been expanding aggressively and has no plans to slow down. Its last published turnover to the end of June 2009 showed an 11 per cent rise to over £75 million.
However, Penta Capital, the private equity firm that owns half the company is seeking to realise its investment and is purportedly looking for a sum over £50 million, valuing the business at over £100 million. EAT first try to sell up in 2008, but pulled out as the world’s financial markets began to convulse.
The original founders, Niall and Faith MacArthur, still own the other 50 per cent and are busy planning an expansion drive to double the number of outlets, currently numbering 100, over the next three to four years. It will be looking to move into other metropolitan areas outside its London, Birmingham and Manchester strongholds.
EAT was set up in 1996 with a single shop on Villiers Street in London’s West End. The company prides itself on making all its sandwiches, soups and salads by hand in its own kitchens.
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