The transaction will see Lyceum Capital invest alongside the founders and management to fund the opening of more than 200 branches of the chain in the UK. Founded in 1996, EAT. has 110 stores and recorded sales of more than £85 million in the past year, up from £68 million in 2008.
Penta Capital will sell its interest in the business as part of the deal, while founders Faith and Niall MacArthur will retain a ‘substantial shareholding’ along with other management, a statement from Lyceum says. Simon Hitchcock and Phillip Buscombe from Lyceum will join EAT.’s board. The transaction amounts have not been disclosed.
Niall MacArthur, founder and managing director of EAT., comments, ‘This deal marks the next major stage in EAT.’s development and will be the catalyst for an expansion programme that will see us extend our reach throughout the UK and continue to develop our successful brand proposition.’