Suitors eye up Bay Restaurants

Feb 9 2010 by Peter McCusker, The Journal

LA Tasca and Ha Ha Bar & Grill owner Bay Restaurants is being circled by private equity-backed firms keen to snap up the group, it was reported yesterday.

The firm is understood to be completing a restructuring that will see the Slug and Lettuce chain transfer to its sister group Town & City Pub Company – a move expected to put the group in the frame for takeover.

There have already been several approaches from interested suitors, according to a national newspaper.

Its overhaul is said to follow the decision of chief executive Paul Symonds to leave. He is believed to be looking at acquisitions in the leisure sector.

It is thought he may look at launching a buyout bid for Bay Restaurants, with other possible interested parties including Cafe Rouge and Strada restaurant firm Tragus, backed by private equity firm Blackstone.

Experts have reportedly put a price tag of at least £100m on the firm.

Bay Restaurants and Town & City were previously owned by entrepreneur Robert Tchenguiz as part of his Laurel Pub Company.