EAT. founders to step down after closure of some sites
Niall and Fatih MacArthur launched the sandwich brand in 1996.
The founders of the EAT. chain are resigning, following a review of its portfolio that led to the closure of around 10% of its stores.
This Is Money reports that former hedge fund manager Niall MacArthur and his wife Faith, who launched Eat in 1996, are expected to step down as directors next week.
The MacArthurs, however, will remain minority shareholders.
EAT. averted a potential CVA (company voluntary arrangement) and instead approached landlords for individual negotiations.
(Also read: EAT. closes a handful of sites, decides against CVA)
While incurring losses of £3.7 million due to rising rents, steep business rates and the cost of ingredients, the company plans to open five sites overseas this year – in Malaga, Barcelona, Paris, Nantes and Bahrain.
(Photo credit: EAT. Facebook page)
