Bay Restaurants 'circled by bidders'

Feb 8 2010 By nebusiness

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 today.

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. Its overhaul is said to follow the decision of its chief executive Paul Symonds to leave.

He is believed to be looking at acquisitions in the leisure sector and is reportedly in talks with a number of private equity firms.

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.