Ed’s Easy Diner, Andrew Guy-led chain, which earlier this year appointed corporate advisory firm McQueen to advise it on its financing options, is planning a further six openings before the end of year.
The group, which currently operates 26 sites under its core brand, will open its next site in July in London’s Victoria Place. This will be followed by an opening the County Mall, Crawley in August.
In September, the company plans to open in The Lanes, Carlisle; The Bridges, Sunderland; and Drake Circus, Plymouth. It will make its debut in Scotland, at Fort Kinnaird, Edinburgh in October.
M&C Report understands that the group is also in talks to open in Glasgow and Birmingham NIA.
The company is believed to be valued at around £30m to £35m.
It is thought that if a sales process was undertaken it would be geared toward the end of the year or start of 2015.
Earlier this year, the company announced ambitions to grow its estate to over 100 sites by September 2018, as it reported an 87% increase in sales to £17.6m for the year to 30 September 2013, on the back of new openings and like-for-like sales growth of 2.5%. Group EBITDA doubled in the year from £1.01m to £2.24m, during a period in which it invested £7m in growing its estate.
The group also has six sites either where heads of terms have been issued or are “in legals” for the first half of 2015. In addition, there are sites where heads of terms have been agreed for 2016.
