Ed's Easy Diner on track for 10 new restaurants in 2013
Announcing its financial results for the year to 30 September 2012, Stephen Greene, the chairman of the 17-strong restaurant group, revealed total sales jumped by 58 per cent in the period to reach £9.4m.
The significant sales growth means Ed's Easy Diner is now profitable - an operating profit of £35k represents a turnaround of over £200k from the previous year.
“2012 has been a landmark year for Ed's," Greene said.
"The new management team has delivered profitable growth, increased customers 57 per cent to 1 million, perfected the operational template and begun a phased roll out programme whilst launching innovative concepts based on the core brand as supporting trading units for different types of location."
Expansion
Six new diners, including sites in Southampton, Reading and Gateshead, were opened between the end of September 2012 and now. The company has increased its planned rate of expansion for this year - locations in Gloucester and Sheffield have already been secured and terms have been agreed in a number of other places.
"With no material bank debt, an increasingly strong covenant and a brand with impressive broad appeal, the group now has the springboard to significantly accelerate its development," said Greene.
The company's management team plan to have 22 diners trading by the end of 2013 and intend to double the size of the estate 'over the next few years.'
Ed's is led by chief executive Andrew Guy who acquired the business in 2009 when it had just three restaurants in its portfolio.
As well as 17 1950s-style American diners, Ed's operates two shake stands at its Bullring site in Birmingham, three Ed's Shakes 'n' Dogs units in Bluewater, Selfridges in London and Cheshire Oaks and two franchised diners in Cape Town.
According to the company's financial results, Ed's is continuing to have discussions with potential franchisees in other parts of the world and there is a 'strong possibility' the international business will expand beyond South Africa in 2013.
Ed's, which now boasts an average spend per head of £10.70, has enjoyed success recently by opening sites in a number of regional locations including shopping centres, leisure parks and transport hubs.
