Boparan Ventures, which owns the Giraffe and Harry Ramsden’s restaurant chains, has struck an agreement to buy Ed’s through a pre-pack administration, according to Sky News.
Sky News said the deal is likely to be announced later thismorning, according to insiders, with more than 700 jobs saved but roughly another 350 likely to go.
Boparan is understood to have seen off competition from rival bidders including R Capital, the former owner of Little Chef, and Risk Capital Partners, the investment firm headed by Luke Johnson.
The company, which also owns Fishworks, a London-based chain, paid Tesco a modest sum to buy Giraffe earlier this year, and owns The Cinnamon Club, an upmarket Indian restaurant in London’s Westminster.
Ed’s has been seeking new capital for the last few weeks amid disappointing financial performance.
The chain’s auction, which comes less than a year after it launched an earlier sale process, is being overseen by corporate financiers at KPMG.
The company operates from about 60 sites across the UK and recently announced plans to open at least 10 more in train stations, airports and visitor attractions through a partnership with SSP.
