Private equity buyers court Bay Restaurants
09 February 2010 09:37
It has been reported that Bay Restaurants Group, the company behind the La Tasca and the Ha Ha Bar and Grill chains, has received several expressions of interest from private equity-backed suitors.
The group is currently in the middle of a restructuring programme that will see it transfer the Slug and Lettuce chain from Bay to Town & City Pub Company, its sister organisation. The move was said to have been precipitated by chief executive Paul Symmonds' decision to resign to explore other possible acquisitions in the leisure sector. He will be replaced by group commercial director Suzanne Baker, who is believed to be talking to several private equity companies.
Both Bay and Town & City are controlled by Kaupthing. Bidders could include Blackstone Group's Tragus restaurant business, which owns the Bella Italia, Strada and Café Rouge chains.
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