Sandwich chain EAT has announced a 6.6% rise in turnover to £87.4m in its annual financial results to 30 June 2011.
The firm also reported pre-tax profits of £2.7m, up £0.2m on the previous year, and a 4% EBITDA post bonus increase to £7.7m.
Niall and Faith MacArthur, joint founders of EAT, said the company would be looking to target an estate of 200-plus sites within the next three to five years in the UK, maintaining and growing its existing sites and opening new outlets.
The chain opened nine new EAT outlets during the financial year, bringing its total to 110 shops – 86 within London and 24 in other UK locations.
In addition, the firm’s investment in its Wembley-based kitchen meant it has the potential to double its production capacity.
EAT was acquired by private equity firm Lyceum Capital last March, and the chain has utilised £4.3m in cash reserves as a result of the above move for restructuring.
The company reported that it was to invest in “delivering improved customer service, new and innovative products and smart, attractive shops to help offset the impact of increasingly challenging market conditions”.
It has found the sub-£10 meal category of the eating and drinking-out sector to be “relatively resilient”, and launched over 100 new products across all its categories during the 12-month period. Improved barista training and the launch of its flat white coffee helped a “large increase” in coffee sales, the company added.
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