Making a meal of it:
EAT could close portion of 100-strong portfolio as competition bites.
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The 100-strong chain is looking at restructuring ts portfolio, with a possible company voluntary arrangement (CVA) on the table, according to Sky News.
It follows the likes of Byron and Jamie’s Italian, which have both been forced to reorganise their portfolios as a result of greater competition and soaring costs.
KPMG is understood to have been brought in several months ago to look at options for EAT, which is majority-owned by Lyceum Capital, which last month slimmed down its investment team after its latest fundraise flopped.
According to the most recently available accounts, the business is still profitable, despite rising competition from other food-to-go operators such as Pret a Manger, Itsu, and Leon.