Eat weighs in on 'panini tax' debate
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.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies