Eds Easy Diner acquired by Rankvale Hospitality
May 11, 2009
Legendary Soho institution Eds Easy Diner has been acquired by a management buy-in team lead by ex Pontis Chief Executive Peter Featherman and backed by Rankvale.
Arguably the most renowned American Diner brand in the UK with over 20 years of successful trading, Eds Easy Diner operates three outlets in Sohos Old Compton Street, the Trocadero Centre on Rupert Street and the Bluewater Shopping Centre. The business changed hands for an undisclosed sum.
Founded in London by Barry Margolis in 1987, the business has been held in trust for the benefit of his family since his death in 2005.
Peter Featherman, new Chief Executive of Eds said: We are delighted to complete the acquisition of this much loved brand and look forward to working with the existing loyal staff to expand the business. I am also pleased that Andrew Guy, a well known figure in the industry, has agreed to join the Board as a non-executive director.
Stephen Greene, Executive Chairman of Rankvale and now Chairman of Eds said We have traditionally invested in property. This is our first direct investment into an operating company, and we are confident that the mix of skills of the new expanded board, together with the strength of the brand and the professionalism of the Eds staff, will enable the business to grow into a major player in the sector.
Coffer Corporate Leisure handled the sales process on behalf of the Margolis Family Trust and despite the current financial environment had a number of bidders for the business.
Mark Sheehan, Managing Director of Coffer Corporate Leisure, commented: The interest in this business certainly proves that there is still substantial demand for the right opportunity. We had several offers from private equity buyers attracted by the undoubted roll out potential. The Margolis family were keen to sell to someone who they believe will protect and grow the brand and are delighted to have sold to Peter and his colleagues.