Bagel Factory, the UK’s largest bagel shop chain, has been placed on the market with an asking price understood to be around the £2m mark. The chain, which opened its first site in Endell Street, London in 1997, currently operates 14 outlets in England and 40 franchise units in Ireland. The majority of its sites are based in transport hubs. It is thought that the chain was placed on the market after receiving a takeover approach. M&C Report understands that the group is interested in an outright sale or an injection of new investment to fund a further rollout of the brand. Coffer Corporate Leisure is believed to be advising the group. The business is currently owned by a group of private investors, which includes the chain’s chairman Geoff Westmore, the former global head of M&A at PricewaterhouseCoopers (PwC), who holds a stake in the company through his investment vehicle Subito Partners. In its latest accounts, the chain reported a pre-tax profit of £148,524 for the year to 25 September 2010, against a pre-tax loss of £350,635 the previous year. Operating profit stood at £149,066 compared to a loss of £351,160 in 2009. Turnover for the year fell from £6.194m to £5.287m. The group closed five sites during the year of which four were loss making and it has plans to close a further two before the end of 2011, with a further unit set to close next year. In June, managing director Brian Wild left the chain after six years with the group. In August 2008, Bagel Factory acquired its five-strong rival Oi! Bagel, for an undisclosed sum off an asking price understood to be in the region of £1m.