Premium sandwich bar chain Eat plans to double its portfolio by acquiring another 25 stores at a rate of one a month, following a cash injection.
Founded by investment banker Niall MacArthur in 1996, the brand moved out of London for the first time last autumn with a 2,600 sq ft (240 sq m) unit at the Bullring.
There are 26 units in London in a range of locations, from busy City office blocks to the Royal Festival Hall and Selfridges' food hall in Oxford Street.
A key point of difference for Eat over competitors such as Pret A Manger and Benjys is that its products are prepared in a central kitchen at Wembley, north London, and delivered daily to the stores. This gives the retailer more control over quality, while also achieving economies of scale.
While London will remain the focal point of the company - the latest acquisition is just off Piccadilly Circus, at 18-20 Lower Regent Street - MacArthur said the success of the Bullring branch had given him confidence to expand outside the capital. 'We're now looking to infill between Birmingham and London,' he said. 'Oxford and Cambridge are among our immediate targets.'
Donaldsons is property advisor to Eat, and partner Ward Griffiths said the typical requirement was for units of 700 sq ft to 1,300 sq ft (65 sq m to 120 sq m) in high-footfall locations.
The average rent agreed per unit is about£80,000 a year. 'We have about 15 acquisitions in the pipeline, with six in solicitors' hands,' said Griffiths.
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