Sandwich chain Eat reportedly considering closures

07/02/2018 - 09:53
Eat, a British chain of around 100 sandwich-based restaurants, is considering restructuring its portfolio and closing some of its stores, according to Sky News.

It is reported that the food-to-go specialist bought in professional services firm KPMG several months ago to advise on restructuring options, but that a company voluntary arrangement (CVA) was not currently being considered.

KPMG was hired by burger chain Byron to oversees a strategic review of its business late last year, with the group’s creditors agreeing to a CVA last week which will see up to 20 underperforming sites closed.

Jamie’s Italian and Strada are other casual dining operators who have been forced to close down sites in recent months as rising costs related to business rates, the national living wage and food prices, continue to effect the sector.

Even without a CVA, Eat is expected to press ahead with plans to reduce its costs by closing a number of stores, according to Sky sources.

Eat, markted and stylized as EAT., is majority-owned by Lyceum Capital, a private equity firm, which took control of the business in March 2011.

Copyright 2017 EatOut Magazine
Dewberry Redpoint Limited is a company Registered in England and Wales No : 03129594 Registered Office:
John Carpenter House, John Carpenter Street, London EC4Y 0AN, UK, VAT registered, number 586 7988 48.

Design & Development by Eton Digital