Profits slump at sandwich and coffee chain Eat

The sandwich and coffee chain Eat saw its profits more than halve last year. The company reported a pre-tax profit of £1.1m during the year ending 28 June, compared with £2.7m the year before. Turnover rose almost 9 per cent to £94.9m after the company opened eight new stores during the period.

The chain is backed by the private equity firm Lyceum Capital.