Sandwich and coffee specialist Eat has become the latest company to lambast the Chancellor George Osborne over the so-called "pasty tax" he introduced in last week's Budget.
Simon Hitchcock, a partner at Lyceum Capital, which last year took a controlling interest in a £100m management buyout of the 118-store chain, condemned the decision to add VAT to the price of food sold at "above ambient temperature". After a campaign by Greggs against the tax, Mr Hitchcock said: "It's not just pasties and pies, it's paninis as well."
Eat grew pre-tax profits by 8 per cent to £2.74m, on an £87.4m turnover for the year to 30 June 2011.
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