Ed’s Easy Diner, the American restaurant chain based mainly in London, has been sold for an undisclosed sum to a management buy-in team led by ex-Pontis chief executive Peter Featherman, and backed by Rankvale Hospitality.
After reporting a record increase in trading last December, the Margolis family, Ed’s former owners, took the decision to sell the 22-year old business that had been held in trust by founder Barry Margolis since his death in 2004. They instructed Coffer Corporate Leisure to sell the business to Featherman and Rankvale, who they felt would ‘protect and grow the brand.’
All three restaurants - in Soho, the Trocadero Centre and Bluewater Shopping Centre - will continue to trade as normal and Featherman said he is looking to open other sites.
“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,” he said.
Former Gourmet Holdings managing director Andrew Guy joins the board as a non-executive director, while Stephen Greene, executive chairman of Rankvale is now chairman of Ed’s.
“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 Ed’s staff, will enable the business to grow into a major player in the sector,” said Greene.