Member Article

Ed’s Easy Diner to roll out 50 new restaurants thanks to NatWest

London-based Ed’s Easy Diner has announced it will be opening 50 new restaurants thanks to an increase of £9.5 million to its existing bank facilities.

This new funding arrangement with NatWest will assist in financing the next stage of rapid growth to 50 restaurants, as part of its longer term strategy. A new term loan facility of £14 million has been agreed and signed, £9.5 million more than previous facility.

This, together with the substantial cash generated by the business, will sustain Ed’s growth and finance the Company’s targeted future expansion plans to the end of 2015.

Ed’s currently has 31 restaurants, 10 of which have opened in the financial year to the end of September 2014 and it is hoped that Ed’s will open around 20 restaurants over the next 15 months.

Stephen Greene chairman said: “We are delighted with NatWest’s support of our strategy and future expansion plans. We have a proven formula which is delivering profits and generating cash. This, together with a focussed and experienced management team, will lead the Ed’s brand to further success.”

Mark Flett, relationship director at NatWest, London, said: “We are delighted to support Ed’s as the business embarks on a series of expansion plans to support its business aspirations. We wish the business every success for the future.”

This was posted in Bdaily's Members' News section by Ellen Forster .